Which is the right treatment for life insurance premium
This query is : Resolved
Ravinder Singhal
(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?
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?
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...
and to be met thru Capital A/c.
your 1st entry is correct...
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