Accounting entry for mature lic policy premium not paid in the past years and maturity amount recei

what's accounting entry in the of a person when  receive lic policy maturity amount , when policy premium payment amount shown in the   books?

Replies (1)
1) When you received LIC policy maturity amount then pass entries as follows .

Life Insurance Corporation A/c Dr
To LIC policy Maturity receipt A/c Cr
( Being LIC policy maturity amount receivable )

2) when actually you received amount entry will be

Bank A/c Dr
To Life insurance corporation A/c Cr
( being maturity amount received from L I C )

3 ) payment of monthly premium entry
L I C premium A/c
To Bank. A/c
( payment of premium )

If TDS applicable then TDS payable A/c will be credited in 1st entry .

Leave a Reply

Your are not logged in . Please login to post replies

Click here to Login / Register  

Company
ARTICLESHIP 24 August 2026
Article Assistant

M/s.S.G.Salecha & Co.

Mumbai

CA Inter

View Details
Company
ARTICLESHIP 07 September 2026
Article/ Paid Assistant

Murali and Sumeet Chartered Accountant

Bengaluru

CA Foundation

View Details
Company
27 August 2026
ACCOUNTANT

CHARUPREETI & CO

Noida

Graduate (Any)

View Details
Company
08 September 2026
Audit Executive

Thammana & Associates

Srikakulam

B.Com

View Details
Company
21 August 2026
Finance Manager

Resollect Technologies Pvt Ltd

Mumbai

CA

View Details
Company
ARTICLESHIP 26 August 2026
Article Assistant

ANIVESH CONSULTANTS LLP

Gurgaon

CA Inter

View Details
Company
Featured 12 September 2026
Assistant Manager - Finance & Compliance

Naveen Fintech Pvt Ltd

Kolkata

CA Inter

View Details
Company
09 September 2026
Chartered Accountant

Aviv Global Private Limited

Ahmedabad

CA

View Details