HI FRIENDS...
I HAVE A QUERY..
I WANT TO KNOW WHEN A COMPANY PURCHASE A VEHICLE AND GETS A INSURANCE3... PAID INSURANCE PREMIUM ON IT...IS IT NECESSARY TO CAPITALISE THAT INSURANCE...
4 Replies
M.Sriram Shenoy
(CA Final)
(814 Points)
Replied 12 February 2008
Insurance Premiums paid in respect of vehicles are recurring in nature. Such expenses are usually charged to Profits of the respective period in which they are incurred.
In my opinion, there can be no question of capitalising such expenditures.
kshitij
(CA Final)
(121 Points)
Replied 12 February 2008
thanks for reply...
actually in my opinion als it should not b capitalise
Gurmet Siingh
(Chartered Accountant)
(413 Points)
Replied 12 February 2008
yea Insurance premium on Assests r not to be capitalised.
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