SBI life insurance
This query is : Resolved
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.
CAPITAL A/C. DR. 31.03.20
SBI INSURANCE PAYABLE CR. 31.03.20
or any entry please suggest in books of account.
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
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
22 May 2020
If the Insurance is personal of the proprietor/partner you can not show it in your books of accounts as liability.
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