20 July 2020
I have paid medeclaim insurance premium of Rs.4120/- on 15.10.2019. Is the amount paid asset or investment in balance sheet? Is it deductable from capital fund? Kindly let me know your valuable opinion.
21 July 2020
Mediclaim premium is not an investment as there is no refund of premium and medical cover is available during the currency of the policy. It has to be debited to Capital account only.
CAclubindia
