insurance matured entry
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
31 March 2010
I would like to know what would be the entry in tally;
insurance matured and the payment was done through cheque.The premium paid for the following insurance I was showing in Drawings. is the following entry right .
is it a receipt entry.
By bank
To proprietors capital a/c
insurance matured and the payment was done through cheque.The premium paid for the following insurance I was showing in Drawings. is the following entry right .
is it a receipt entry.
By bank
To proprietors capital a/c
31 March 2010
YES, you are correct
Querist : Anonymous
Querist :
Anonymous
(Querist)
31 March 2010
Thanks for replying
01 April 2010
It is absolute right. But it is always better to show insurance premium payment as asset and increase the capital n yearly basis rather than one combined effect on capital.
Regards, CA Shakuntala Chhangani
Regards, CA Shakuntala Chhangani
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