Ledger in which group

This query is : Resolved

Raj Patel (Querist)
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22 March 2014 I am paying insurance company for insure company machinery against theft and fire.

fire expenses premium is a (indirect expenses) but i deposit premium in jubili so jubili is that creditor or loan and advance assets

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
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23 March 2014 If you are making a payment the entry will be--

Insurance Exp. A/c Dr..

To Bank A/c Cr..

(Being Fire and Theft Insurance premium Paid to M/s......)

In this case no ledger for insurance company is required to be opened.

If you are just creating an liability then entry will be---

Insurance expenses A/c Dr...

To Insurance Co.. A/c Cr. (Under Current Liability.)

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