Lic maturity entry in tally 9
This query is : Resolved
Hiren Vira
(Querist)
20 March 2019
I've been investing in LIC but I'm not showing the same as investment. Now I've received the matured amount back. In case of investment, all are advising to Debit Bank A/c and Credit the investment account and difference amount with Capital Gain Account. But in my case, I've not kept the record of my LIC Premium payments. So I can't credit investment account. In that case, what should be the treatment? Please advise me soon. Thanks.
20 March 2019
Calculate the premium paid amount and transfer the same to Current account (Capital). Balance will be account in CG...
14 October 2021
When the maturity amount is not taxable, total receipt is credited to capital account.
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