SBI life insurance
This query is : Resolved
02 April 2020
Dear Sir, we have issued the cheque for SBI life insurance on 02. 04.2020 Please advise to me below is the right method of entry
CAPITAL A/C. DR. 31.03.20
SBI INSURANCE PAYABLE CR. 31.03.20
or any entry please suggest in books of account.
CAPITAL A/C. DR. 31.03.20
SBI INSURANCE PAYABLE CR. 31.03.20
or any entry please suggest in books of account.
02 April 2020
Its just like drawing capital from business . In this case use the below instructions.
debit to the drawing account and a credit to Bank Account
At the end of the accounting year, the drawing account is closed by transferring the debit balance to the owner's capital account
debit to the drawing account and a credit to Bank Account
At the end of the accounting year, the drawing account is closed by transferring the debit balance to the owner's capital account
22 May 2020
If the Insurance is personal of the proprietor/partner you can not show it in your books of accounts as liability.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- SEC 54 OF IT ACT
- Is Aadhar PAN linking required for opening bank account?
- CPC Processing IT Return for AY 2023-24 without recognizing the Taxation Option under New Regime
- Form 26QB for TDS on property
- Where to show the RCM on Rent paid to unregistered landlord
- RCM - commercial rent paid to URP under GST
- Offsetting interest income against derivative trading losses
- TDS NUMBER SURRENDER
- Payable outstanding for years disallowance
- Whether still royalty
- Withholding tax applicabikity for foreign paymenttowqards physio therapy treatment
- Input credit reversal for the FY2023-24
- Regarding Form 15CA & CB
- Issue of gst e invoice
- Interchangeable words in accounts
- Adjusted profit/Loss in the case of LLP and Pvt. Ltd.company
- How to adjusted advances given or receipt
- Foreign vendor without PAN unable to to register due to non receipt of OTP on foreign number ?
- 133(6) DIN INVALID format error - ->WHERE TO REPLY 133(6) notice?
- Query for dubts
Trending Online Classes
-
Excel Mastery Program
CA Rishabh Pugalia
CAclubindia
