Lic
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
27 June 2013
How LIC policy is treated in Final Accounts ?
What should be shown as assets, whether premium paid or policy value ?
What should be shown as assets, whether premium paid or policy value ?
27 June 2013
Premium paid should be charged to capital account. When amount received credited to capital account.
Premium paid:
Capital A/c Dr
To Bank A/c
When any sum received:
Bank A/c Dr
To Capital A/c
Premium paid:
Capital A/c Dr
To Bank A/c
When any sum received:
Bank A/c Dr
To Capital A/c
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
- Credit rating model
- 115-BAC-for AOP-private discretionary trust
- Youtube income
- Insurance make against any item and later get insurance claim received
- IN PAGHDI SYSTERM . RENT RECPT CHANGE OF NAME AFTER FAMILY PARENTS TO SON
- If Material shift from dry port local egm details not refleting on ICE gate portal
- Surcharge applicability on LTCG loss
- Requirement of Form 15CA CB - Rent payment
- TCS Return Without PAN
- E-Invoice applicability related question
- Query regarding applicability of UDIN on MCA forms signed using DSC by a Chartered Accountant
- GST ON PERSONAL MOTORCAR SOLD
- Cash gift by grand mother to her grand daughter
- APPLICABILITY OF RCM ON MAN POWER SUPPLY BY UN REGISTERED PERSON TO REGISTERED PERSON.
- Tax amount diff in Gstr1 and 3B in tax compare reports
- Spice form, ? mark comes in address
- Tds on GST in connection with sale to public company
- B2B Amendment
- Restoration of certificate of practice
- Regarding change in correspondence address in SSP portal
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
