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Lip amount

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(Querist)
19 February 2018 PEOPLE HAVE LIFE INSURANCE, AND MOST OF THEM SHOW HIS PREMIUM AMOUNT IN DRAWING. CAN WE SHOW AS A INVESTMENT IN HEAD INSURANCE PREMIUM.
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ASHWANI DHANUKA

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ASHWANI DHANUKA (Expert)
19 February 2018 Yes you can do. But generally, it is better to keep personal and business assets distinct in Balancsheet, therefore, LIC prem is treated as drawings.
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