Lic treatment in proprietorship firm
This query is : Resolved
03 January 2012
Please tell full treatment of LIC premiums as well as LIC maturity amount received in case of propritorship firm. What enrty to be made in tally in both cases.
03 January 2012
LIC premium will be charged to Capital A/c and LIC Maturity receipts will be credited to Capital Account.
When Premium Paid---
Capital A/c Dr...
To Bank A/c....
On maturity--
Bank A/c Dr....
To Capital A/c
When Premium Paid---
Capital A/c Dr...
To Bank A/c....
On maturity--
Bank A/c Dr....
To Capital A/c
07 January 2012
thanx a lot sir..
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