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PPF investment and LIC premium policy

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Sandeep Jain

Pivate

1492 Points Posted on 20 March 2023

Sir,

proprietor have some PPF investment and paid lic policy premium. but balance sheet new format ( balance sheet non corporate entities) have no coloum to show above it's mention only withdrawal so can we insert one or two column more in notes part or show under withdrawal

please suggest

Replies (3)

Quick Summary

For non-corporate entities using the new balance sheet format, there isn't a specific column for PPF investments or LIC premium payments. The recommended approach is to disclose these items separately within the notes to the financial statements. This allows for a clear explanation of their nature and provides necessary details.

CA Rakesh Ishi

Working at Private Company

8641 Points Posted on 20 March 2023

If the new format of the balance sheet for non-corporate entities does not provide columns to show PPF investments and LIC policy premium payments, you may need to show these investments and payments separately in the notes to the financial statements. In the notes, you can explain the nature of the investments and payments and provide additional details.