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Whether we add or not the Insurance policy premium of
vehicle in asset value?
- 3 Answers
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Answer / rikii
No! because insurance policy premium is the expenses on the
assets for their maintainance.......premium amount will be
debited in the P&L a/c
| Is This Answer Correct ? | 3 Yes | 0 No |
Answer / nagachandra pattar
Hi, Premium paid at the time of purchase should be
capitalised. and further premium paid (from next year
onwards) is our revenue expenditure
| Is This Answer Correct ? | 4 Yes | 1 No |
Answer / h.r. sreepada bhagi
Insurance is a recurring expense year after year and it's
required to be incurred every to cover the risk associated
with using the vehicle. Insurance premium will not add to
the value of the asset itself. Hence it is not added to the
value of the asset, but charged off to P&L A/c. This applies
to all kinds of insurance premiums paid. Like this the
Annual Road Tax paid is also treated similarly.
| Is This Answer Correct ? | 0 Yes | 1 No |
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