Decrease in expense or income?

This topic has 3 replies, 2 voices, and was last updated 11 years ago by John Moffat.

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November 5, 2014 at 5:16 pm #207857
Ahsan
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Dear Sir,

How a refund of insurance premium is treated? As a decrease in insurance expense (Cr Insurance exp a/c) or an income (Cr other income a/c) ?
November 5, 2014 at 5:18 pm #207859
John Moffat
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As a decrease in the insurance expense.
November 5, 2014 at 5:19 pm #207860
Ahsan
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Thanks sir.
November 6, 2014 at 5:19 pm #208051
John Moffat
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You are welcome, Ahsan 🙂
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