Accounting treatment of lic maturity sum
This query is : Resolved
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.
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.
Guest
Guest
(Expert)
01 March 2013
profit/capital gain
04 March 2013
But any profit/capital gain on that will be exempt u/s 10(10D).
10 October 2021
Its Capital receipt
Cr. Capital account.
Cr. Capital account.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Refund Annexure-B
- House Property Reporting in ITR
- TDS Claim year
- Liable to deduct tds and 44ADA
- TDS Challan Code
- Refund of 20%pre-deposit paid for stay application
- Nomination of Bank for refund in itr 2
- Section 56(2) of the Income tax Act 1961 , Gift to relative .
- Rent lease agreement
- Merchant Export Accounting
- Internship/Academic shown in Salary Pay Slip of a Doctor
- E Commerce GSTR1 & 3B how to file
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
- GST Refund_RFD-01
- Form10BD was uploaded successfully without any Error but after 24 hours, Form10BE are not available
- Annexure B utility for GST Refund
- Tax amount diff in Gstr1 and 3B in tax compare reports
- Tds on GST in connection with sale to public company
- Restoration of certificate of practice
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
