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Receipt of survival benefit.

This query is : Resolved 
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(Querist)
30 August 2014 Sirs,

Pls let me know what entry should be passed in proprietory books when survival benefit chq is being deposited into bank and need to be accounted in books

1) where pymt of insurance prm is accounted in the books and

2) if insurance prm payment is not made thru the books

Thanq.
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CA Siddhartha Bhardwaj

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CA Siddhartha Bhardwaj (Expert)
30 August 2014 1. Entry for receipt of sum assured fr9m insurance company will be
Bank Dr
To Capital

2. Entry for payment of insurance premium will be
Drawings Dr
To Bank
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