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Whether we add or not the Insurance policy premium of
vehicle in asset value?
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Answer Posted / 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.
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