Journal entry 12

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20 Points Posted on 24 October 2021
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
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On 24 October 2021 at 21:56 Report
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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.

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Master in Accounts & high court Advocate
9620 Points Posted on 25 October 2021

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

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On 25 October 2021 at 12:50
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Master in Accounts & high court Advocate
9620 Points Posted on 25 October 2021

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

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On 25 October 2021 at 12:52

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