accounts
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
05 November 2009
sir in finalling account of individual LIC Premium were i show my senior told me to show it as indirect expenses on p&L a/c but he has no buisness at all plz help i Know it is an personal expenses so,i want it to show on drawing
05 November 2009
Your observation is correct.
05 November 2009
its personal in nature agree with u
05 November 2009
Preparation of Final accounts of individual without having any business or profession is nothing but showing receipts and payments and a statement of asstes and liabilities. So any expenses can be shown as an expenses in receipts/payments or income/expenditure account as all are personal /family expenses as question of Profit or loss does not arise if the Individual has no business/profession/venture at all.
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