Journal entry 12

A company has taken group insurance on the employees and paid ₹100000 plus GST on 1st march 19. pass journal entey as on 31st march. the insurance has a validity of 1 year from 1st march 19
Replies (2)
Quick Summary
This journal entry addresses the accounting treatment for a company's group insurance premium paid on 1st March 19, including GST. The entry needs to be passed as of 31st March, reflecting the premium's one-year validity. It involves debiting the insurance premium and prepaid insurance accounts, and crediting the bank account. The prepaid amount is calculated based on the remaining period of insurance cover.

Group Insurance premium account debit

prepaid group insurance premium debit

and credit bank account 

the amount of prepaid is to be calculated on number of days from 1st March, 19 to 31st March, 19

prepaid expenses calculation must be from 1st April, 19 to March,20

Leave a Reply

Your are not logged in . Please login to post replies

Click here to Login / Register  

Company
14 October 2026
Asst. Manager/Dy Manager (Costing)

manufacturing

Pune

CMA

View Details
Company
ARTICLESHIP 08 October 2026
ARTICLE TRAINEE

S.B.G. & CO. CHARTERED ACCOUNTANTS

New Delhi

CA Inter

View Details
Company
ARTICLESHIP 16 September 2026
CA Article Trainee

SR BAGAI & Co.

New Delhi

CA Inter

View Details
Company
ARTICLESHIP 01 October 2026
Articled Assistant

KPSN & Associates LLP

Chennai

CA Inter

View Details
Company
ARTICLESHIP 18 September 2026
Industrial Trainee

Twenty Point Nine Five Ventures Private Limited

Noida

CA Inter

View Details
Company
07 October 2026
Senior Account Manager

Amplio Invest

Mumbai

M.Com

View Details
Company
ARTICLESHIP 16 September 2026
Article Assistant

MANUJ SHARMA AND COMPANY

Noida

CA Inter

View Details
Company
Featured ARTICLESHIP 06 October 2026
Semi Qualified

AJAY SINGH AND CO LLP

Thane

CA Final

View Details