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Journal entry 12

Vijendra A (20 Points)

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

 2 Replies

Rama chary Rachakonda (Master in Accounts & Lawyer email ID:ramachary64@gmail.com voice no:9989324294)   (2905 Points)
Replied 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

1 Like

Rama chary Rachakonda (Master in Accounts & Lawyer email ID:ramachary64@gmail.com voice no:9989324294)   (2905 Points)
Replied 25 October 2021

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


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