Insurance amount is 20,000
insurance premium was paid for insurance taken on 1st July,2018

Dear student Please recheck your question as it seems to be incomplete or unclear. Please be little more specific so that we can provide you with meaningful help. Though I can give you some references for this. If suppose year ending is 31 march 2019 then the insurance premium of 15000 i.e. for 9 months will be treated as current year expense and remaining 5000 will be treated as prepaid expense in balance sheet as an asset. Keep posting Regards

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