EASYOFFICE
EASYOFFICE

Lic accounting

This query is : Resolved 
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(Querist)
11 June 2013 Dear sir
Following is LIC Details

LIC commencement date - 20/03/1992
Sum Assured - Rs. 1,00,000
Half Yearly premium - Rs. 3156
Date of maturity - 20/03/2013

Following is the details given in the LIC maturity letter

Basic Amount - 40,000
Vested Bonus - 1,06900
Interim Bonus - 3,900
F. ADD Bonus - 3,000
Total Amount Received is 1,53,800

LIC Premium ledger is showing the amount of Rs. 1,29,396 under investments

Now when i receive Rs. 1,53,800 towards maturity amount, What accounting entry should i pass?

I have not understood anything from the maturity letter.

I will be thankful if someone can explain me the above puzzle step by step with calculation.

Regards
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CMA Ramesh Krishnan

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CMA Ramesh Krishnan (Expert)
14 June 2013 On maturity you can credit the LIC premium ledger Rs.1,29,396 & balance difference will be the profit of maturity

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