Lic maturity amount

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

25 July 2011 My boss has got his LIC maturity amount.In what account it has to be accounted

CA Devanshi Gandhi (Ajani) (Expert)
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25 July 2011 if lic is standing in balance sheet than transfer to lic account and income will be transfered to p&l but it will be exempt

CA Devanshi Gandhi (Ajani) (Expert)
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25 July 2011 if lic is not standing in balance sheet than transfer to capital account

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