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Querist : Anonymous

Querist : Anonymous (Querist)

05 November 2009 sir in finalling account of individual LIC Premium were i show my senior told me to show it as indirect expenses on p&L a/c but he has no buisness at all plz help i Know it is an personal expenses so,i want it to show on drawing

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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05 November 2009 Your observation is correct.

CA Devanshi Gandhi (Ajani)

CA Devanshi Gandhi (Ajani) (Expert)
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05 November 2009 its personal in nature agree with u

CA SANJAY MUKHERJEE

CA SANJAY MUKHERJEE (Expert)
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05 November 2009 Preparation of Final accounts of individual without having any business or profession is nothing but showing receipts and payments and a statement of asstes and liabilities. So any expenses can be shown as an expenses in receipts/payments or income/expenditure account as all are personal /family expenses as question of Profit or loss does not arise if the Individual has no business/profession/venture at all.

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