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how to make dd payment entry of insurance of rs 34755 dd
made by cash
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Answer Posted / syed iliyas
first of all say on which u are insuring and for what period if will valued. if insurance was paid on any asset and valid for one year then calculate what amount should effect for the current financial year that amount only shown as expenditure for the current financial year balance amound should be shown as prepaid insurance under current asset, if the insurance is on transit and the transit is closing in the same financial year the total amount should be shown is as expenditure otherwise same as above. no insurance charges were shown which were on the owner name. entry should be as below
1.insurance DD(under current assets) ACCOUNT DR
TO CASH ACCOUNT
2. insurance account dr
prepaid insurance account dr
to insurance DD account
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