25 August 2010
I want to know that on what basis prepaid insurance is to be allocated. on the day basis or months basis.
If an insurance policy was taken for Rs.1 Lac on 18 may of the F.Y. for the period of 1 year. it means for the 1 month month 17 day will fall in the next year. so how to calculate the prepaid insurance amount.
CAclubindia
