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Life insurance

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Querist : Anonymous

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Querist : Anonymous (Querist)
20 February 2012 What is the accounting treatment of LIC (life Insurance corporation)
preamium: 500/- month
Total: 100000/- after 16 years
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SOURAV GOEL

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SOURAV GOEL (Expert)
28 February 2012 In case of Partnership/Sole Propreitorship the amount of LIP should be shown as drawings.

The drawings on account of LIP should be restricted to the amount of Premium paid during the relevant financial year.

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