Lic Policy Premium Accounting Posting Effect
Sir,
Wheather the LIC policy Premium (Instalment) indlude in Capital Account or wheather it deducted from Capital account (As a Current Asset)
inform me ledger posting this transaction with proper Group Head. inform Me plz
For LIC Premium paid for Policy-
Dr. A/c Drawings
Cr. A/c Bank/Cash
(Narration- Being LIC Premium paid against Policy no.......... for month/qtr./half-year/year ended..............)
Definitely, It should be deducted from Capital Account seperately as drawings.
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