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Accounting treatment of lic maturity sum

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(Querist)
01 March 2013 There is an investment in LIC of Rs. 50 lacs in the balance sheet of a superannuation trust. Now on maturity, this trust has received Rs. 80 lacs. What will be the accounting treatment i.e. journal entry.

At the time of investment, the entry made was:

LIC (Inv.) Dr. 50.00
To Bank 50.00

In my opinion : At the time of receipt of maturity amount, the entry may be:

Bank Dr. 80.00
To LIC (Inv.) 50.00
To ???????? 30.00

This ?????? is what i would like to know.
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Guest

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Guest (Expert)
01 March 2013 profit/capital gain
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caankitgupta25@gmail.com

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caankitgupta25@gmail.com (Querist)
04 March 2013 But any profit/capital gain on that will be exempt u/s 10(10D).
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Dhirajlal Rambhia

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Dhirajlal Rambhia (Expert)
10 October 2021 Its Capital receipt
Cr. Capital account.
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