Lic paid -proprietorship
This query is : Resolved
Eswar Reddy S
(Querist)
27 September 2014
Dear All,
For proprietor ship business LIC paid from business account ,is it drawing or investment ?
(Accounting treatment)
1.Proprietor life -not for business purpose (DRAWING) or
2.Business money paid to others advance /loan as the same will be refunded on maturing (Investment )
Nikhil Kaushik
(Expert)
27 September 2014
ideally it should be debited to the capital accounts...
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