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
- Price inclusive or exclusive of GST while made entry in P& L Account
- TDS Challan - change of FY 2025-26 to TY 2026-27
- Gst registered proprietorship firm
- Minimum tax payable to file Updated return
- AUDITOR APPOINTMENT FOR THE YEAR ENDING MARCH 27
- Salary from Qatar in Dollars in India
- Tax rate change regarding
- GST ISSUE OF INPUT AND OUTPUT GST
- UDIN ISSUE
- TDS on purchase of under construction property from a reseller
- How to Handle Active E-Invoices in GST Portal Deleted from Tally?
- IMPORT PURCHASE ENTRY PASSED IN BOOKS OF ACCOUNT
- FAST DS 26 Undisclosed Foreign Asset Disclosure Scheme 2026
- Starting trading business
- Regime change
- Goods sold but invoice not issued
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- FAST-DS 2026 Under Tax Law - No recourse or support for person declaring via this scheme?
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
