Save Rs 588 on a 2-Year Ad-Free CAclubindia Pro Membership. Subscribe Now!

insurance matured entry

Save Share

Join Us Follow Us Add as Source

This query is : Resolved

Report Follow Query Ask a Query

Querist : Anonymous

Querist : Anonymous (Querist)

31 March 2010 I would like to know what would be the entry in tally;
insurance matured and the payment was done through cheque.The premium paid for the following insurance I was showing in Drawings. is the following entry right .
is it a receipt entry.
By bank
To proprietors capital a/c

CA Ashok Kumar Sahu

CA Ashok Kumar Sahu (Expert)
Follow

31 March 2010 YES, you are correct

Querist : Anonymous

Querist : Anonymous (Querist)

31 March 2010 Thanks for replying

shakuntala chhangani

shakuntala chhangani (Expert)
Follow

01 April 2010 It is absolute right. But it is always better to show insurance premium payment as asset and increase the capital n yearly basis rather than one combined effect on capital.
Regards, CA Shakuntala Chhangani

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now