Life insurance amount received by an individual ,
This query is : Resolved
18 October 2024
life insurance amount received by an individual, How to make journal entry in the books of accounts of individual.
19 October 2024
Debit: Cash/Bank Account (To record the amount received from the life insurance)
Credit: Life Insurance Proceeds (or a similar investment account/capital account)
Credit: Life Insurance Proceeds (or a similar investment account/capital account)
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