A client has made a LIC Policy in around 2007 - 08 and that LIC policy amount is not reflected in the Balance Sheet. He paid the LIC premium through his father's account.
Now, in this year he received the maturity amount of the policy around Rs. 300,000/- now what treatment will he do in the books of accounts of this maturity amount..
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LIC MATURITY
Replies (3)
Any amount Received from LIC is Exempt
But what treatment should I do for the receipt of Rs. 300,000 /- in bank account..
He will have to debit the Bank account with amount which have been recd on Maturity of LIC
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