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.
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