Accounting of lic payment
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
21 September 2016
Good Morning,
I want to know while preparing Balance sheet for a Proprietor , the payment made for LIC Premium where should it goes , is it is an investment and comes under investment under Assets. or it is a Drawing and should be capitalized every year. kindly guide us what is actual correct procedure for this accounting.
Thanks & Regards
I want to know while preparing Balance sheet for a Proprietor , the payment made for LIC Premium where should it goes , is it is an investment and comes under investment under Assets. or it is a Drawing and should be capitalized every year. kindly guide us what is actual correct procedure for this accounting.
Thanks & Regards
Amol S Joglekar
(Expert)
21 September 2016
LIC payment should go to Drawings.
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