DOMS Industries Private Limited, as we know it today, was founded in 1975 and manufactures and markets a wide range of Stationery and Art Material. They started a new factory in Gujarat and bought sophisticated equipment to produce good quality stationery. The new equipment was insured in January, 2019 and the annual insurance premium was Rs. 1,00,000. The accountant posted this amount as an expense in the Profit & Loss Account prepared on 31 March, 2019. Is this treatment correct?
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