SBI life insurance

This query is : Resolved

Sumit Arora (Querist)
Follow

02 April 2020 Dear Sir, we have issued the cheque for SBI life insurance on 02. 04.2020 Please advise to me below is the right method of entry

CAPITAL A/C. DR. 31.03.20
SBI INSURANCE PAYABLE CR. 31.03.20

or any entry please suggest in books of account.

CA ARPIT BANGA

CA ARPIT BANGA (Expert)
Follow

02 April 2020 Its just like drawing capital from business . In this case use the below instructions.
debit to the drawing account and a credit to Bank Account
At the end of the accounting year, the drawing account is closed by transferring the debit balance to the owner's capital account

Aashok Kumar Sharma online

Aashok Kumar Sharma online

(Expert)
Follow

22 May 2020 If the Insurance is personal of the proprietor/partner you can not show it in your books of accounts as liability.

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now

Summarize this with AI

ChatGPT Perplexity Claude Google AI Grok

Similar Resolved Queries

Unanswered Queries

Popular
Recent

Trending Online Classes

Direct Tax Laws & International Taxation May 26,Sept 26 & Jan 27

CA Arvind Tuli

Enroll Now
Audit Fast Track Recorded Batch For May 26,Sept 26 & Jan 27

CA Aarti Lahoti

Enroll Now
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English

CA Bhanwar Borana & CA Shubham Keswani

Enroll Now

view all classess

Meet our CAclubindia PRO Members

CA.Gopal Rathi

S J MITRA

CA Sunny Sharma

Moby Mogli

Vimlesh kumar

Subscribe Now

SBI life insurance

Similar Resolved Queries

Trending Online Classes

Meet our CAclubindia PRO Members

Quick Links

Browse by Category

Latest Job Openings

Accountant

Article Assistant

CA Final

Manager- Finance and Compliance

GST CONSULTANT

GST CONSULTANCY