Lic accounting
This query is : Resolved
Prajot P. Volvoikar
(Querist)
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
CMA Ramesh Krishnan
(Expert)
14 June 2013
On maturity you can credit the LIC premium ledger Rs.1,29,396 & balance difference will be the profit of maturity
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
- Late Filing Fee Waiver for Q1 Form 144 (Earlier 27Q) – Transition to Income-tax Act, 2025
- GSTR9 Annual Return
- Ito add credit side of bank
- Employee secondment
- Form 144 TDS Return Validation error
- GST ITC as per notification 12/2023- central tax
- Rent agreement of House of deceased person
- Applicability of tax on invoice
- Capital gain on commercial property and investment in residential property
- Positive Balance in RCM Liability/ITC Statement – Commercial Rent RCM – Guidance Required
- Rectification under processing even after 6 months cpc portal
- Regime change
- Tally: Imported bank entries do not show up in manual reconciliation
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- FAST-DS 2026 Under Tax Law - No recourse or support for person declaring via this scheme?
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
- How to pay remaining amount of TDS after due date?
- Resigning a auditor from the company for misconduct
- RCM @ 5% on Hamali charges, Transport Charges, Unloading charges we take ITC or not
- Need Professional Opinion - AY 2012-13 Old Demand & AY 2026-27 Refund Adjustment
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
