Receipt of survival benefit.
This query is : Resolved
30 August 2014
Sirs,
Pls let me know what entry should be passed in proprietory books when survival benefit chq is being deposited into bank and need to be accounted in books
1) where pymt of insurance prm is accounted in the books and
2) if insurance prm payment is not made thru the books
Thanq.
Pls let me know what entry should be passed in proprietory books when survival benefit chq is being deposited into bank and need to be accounted in books
1) where pymt of insurance prm is accounted in the books and
2) if insurance prm payment is not made thru the books
Thanq.
30 August 2014
1. Entry for receipt of sum assured fr9m insurance company will be
Bank Dr
To Capital
2. Entry for payment of insurance premium will be
Drawings Dr
To Bank
Bank Dr
To Capital
2. Entry for payment of insurance premium will be
Drawings Dr
To Bank
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