Lic accounting
This query is : Resolved
11 June 2013
Dear sir
Following is LIC Details
LIC commencement date - 20/03/1992
Sum Assured - Rs. 1,00,000
Half Yearly premium - Rs. 3156
Date of maturity - 20/03/2013
Following is the details given in the LIC maturity letter
Basic Amount - 40,000
Vested Bonus - 1,06900
Interim Bonus - 3,900
F. ADD Bonus - 3,000
Total Amount Received is 1,53,800
LIC Premium ledger is showing the amount of Rs. 1,29,396 under investments
Now when i receive Rs. 1,53,800 towards maturity amount, What accounting entry should i pass?
I have not understood anything from the maturity letter.
I will be thankful if someone can explain me the above puzzle step by step with calculation.
Regards
Following is LIC Details
LIC commencement date - 20/03/1992
Sum Assured - Rs. 1,00,000
Half Yearly premium - Rs. 3156
Date of maturity - 20/03/2013
Following is the details given in the LIC maturity letter
Basic Amount - 40,000
Vested Bonus - 1,06900
Interim Bonus - 3,900
F. ADD Bonus - 3,000
Total Amount Received is 1,53,800
LIC Premium ledger is showing the amount of Rs. 1,29,396 under investments
Now when i receive Rs. 1,53,800 towards maturity amount, What accounting entry should i pass?
I have not understood anything from the maturity letter.
I will be thankful if someone can explain me the above puzzle step by step with calculation.
Regards
14 June 2013
On maturity you can credit the LIC premium ledger Rs.1,29,396 & balance difference will be the profit of maturity
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