insurance premium

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Querist : Anonymous

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Querist : Anonymous (Querist)
28 April 2010 What is the treatment of Insurance Premium on Vehicle?
Whether it will be treated as post paid expenses or pre-paid expenses?
Can this expenses booked in current financial year with full value treated as expenses?

28 April 2010 Insurance on vehicle need to be treated as prepaid to the extent paid for future years

28 April 2010 Absolutely right.

The insurance premium will be byfercated upto the financial year ending period which will be treated as insurance expenses and the rest will be treated as insurance prepaid. The calculation should be based on the validity of the insurance policy


28 April 2010 AGREE WITH EXPERTS

28 April 2010 Agreed with Experts.



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