Lic premium entry
ABHI KUMAR (634 Points)
15 July 2021
lic premium every year we pay now entry plz and after maturuty entry plzzz
ABHI KUMAR (634 Points)
15 July 2021
CA. Sourav Sarkar
(Chartered Accountant )
(24578 Points)
Replied 15 July 2021
prasad Nilugal
(3909 Points)
Replied 15 July 2021
Ankita Jain
(CA in practice)
(185 Points)
Replied 15 July 2021
prasad Nilugal
(3909 Points)
Replied 15 July 2021
prasad Nilugal
( GST Practitioner & Accounts )
(14149 Points)
Replied 15 July 2021
If it is paid by the sole proprietor then entry will be
1) Capital A/c Dr
To Lic Premium A/c Cr
( Being personal premium paid )
2) After maturuty receipt entyr will be
Bank A/c Dr
To Capital A/c Cr
( Receipt of LIC maturuty amount )
prasad Nilugal
( GST Practitioner & Accounts )
(14149 Points)
Replied 15 July 2021
Of course first entry in case of Sole proprietor wil be
Lic Premium A/c Dr
To Bank A/c Cr
( payment made )
Then transfer to capital account
prasad Nilugal
(3909 Points)
Replied 19 July 2021
CA. Sourav Sarkar
(Chartered Accountant )
(24578 Points)
Replied 19 July 2021
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