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
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
- TDS CREDIT MISMATCHING
- Buy back of shares u/s69
- Difference between Date of Payment and Date of Deduction?
- Tax Audit Applicability – Newly Formed Partnership Firm with Profit Below 6%/8%
- Journal entry of busniess expenses
- GST Rate for Catering Services
- TODAY INCOME TAX SITE IS NOT WORKING ANY OFFICIAL EXTENSION
- Cash balance limit and property purchases limit
- Can we choose not to report losses in ITR3 if they cannot be carried forward?
- ADDITION OF CHALLAN IN TDS RETURN FORM 140
- CALCULATION OF DEFFERED TAX - OP BL IS DTL & CURRET IT DTA
- LLP audit under companies act
- Experienced CA recommendation from Kolkata for FNO return filing
- Interest Reporting in Form 168
- Sales of goods of amount Rs77 lakhs to a party
- Tax Demand of ₹4,650 for AY 2026-27
- Concept of Vendor and customner reconciliation
- Mistake in e-invoice identified after 24 hours
- EXPORT PAYMENT
- NRI ITR2 account in 2025-26.
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
