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Group insurance policy on employees

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(Querist)
16 June 2014 A company has taken group insurance policy on 01.01.2014 for one year and paid Re.200,000/- for financial year 2013-14 ,how much need to account as an expense? Is it proportionately or entire need to consider on payment basis? Sum assured has not mentioned in the policy.
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Nikhil Kaushik online

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Nikhil Kaushik online (Expert)
17 June 2014 ideally it should be divided on the basis of months and accordingly apportioned over different financial years.
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Rupesh Jain

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Rupesh Jain (Expert)
17 June 2014 pls make divide the exp. accruing to period and remaining claim to prepaid exp. and claim in next year.
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CS,CA F,Numrologi TusharSampat

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CS,CA F,Numrologi TusharSampat (Expert)
17 June 2014 (2,00,000/12months)x 3 months as exp for fy 13-14 and bal in 14-15 FY

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