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Finance for Insurance premiums

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I have just started at an accrual based company and was wondering if anyone can help on how to record our yearly insurance premimum which is paid via finance. I imagine i will create the new liability for the insurance loan, and allocate the monthly payments to that, but I am unsure of the journal side of things. Breakdown is as below

 

Motor Vehicle Insurance - $8735

Premium - $7101.73

GST 730.19

Stamp Duty $703.08

Broker Fee - $200

 

Business Insurance - $5080

Premium - $4038.13

GST $428.04

Stamp Duty - $371.56

Broker Fee - $242.27

 

Professional Indemnity - $1610

Premium - $1250

GST $135.11

Stamp Duty $123.75

Broker Fee - $101.14

 

Public Liability $6035

Premium - $4880

GST $508.14

Stamp Duty $445.50

Broker Fee $201.36

 

Finance details below

 

 

Flat Interest Rate                            7.35%

Administration Fee                         $60.00

Number of Instalments                 10

 

First Monthly Instalment              $2,363.66            

Remaining 9 Instalments              $2,303.66

 

 

Smiley Happy 


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