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Which is the right treatment for life insurance premium

This query is : Resolved 
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(Querist)
25 October 2013 In these which option is good for annual life premium paid for the entry in tally:

1. Lic Premium a/c dr. (capital a/c head)
By cash/bank

2. Lic Premium a/c dr. (Indirect exp head)
By cash/bank

3. Lic Premium a/c dr. (investment head)
By cash/bank

Along these can any other entry can we made or any adjustment need for it?
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CA Pallav Singhania

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CA Pallav Singhania (Expert)
25 October 2013 LIC premium is a personal Exp,
and to be met thru Capital A/c.

your 1st entry is correct...
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