Lic paid
This query is : Open
02 May 2015
Hi all
how to show in books the LIC premium paid ??????? it is Balance sheet item or P&L item ???????
thnx
preet
how to show in books the LIC premium paid ??????? it is Balance sheet item or P&L item ???????
thnx
preet
02 May 2015
it is capital item dear... no need to show in profit and loss or balancesheet
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02 May 2015
ok but then how to show the primiums paid ??????? it should be investment or what ???????
02 May 2015
ok but then how show the primiums paid ??????? it should be investment or what ???????
02 May 2015
If proprietorship business- then need to show as drawings under capital
If company- LIC paid for employees then debit as employee cost
If proprietorship business- then need to show as drawings under capital
If company- LIC paid for employees then debit as employee cost
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02 May 2015
Preet ji as ramesh sir had told.. plz tel the status of person who paid this premium
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02 May 2015
1.It's a partnership firm but the premium is been paid for his own insurance from the firm's bank a/c, so it should Debited CApital a/cbut what about in his own books Investment or Capitalise it ??????
thnx
preet
thnx
preet
02 May 2015
it wil b treated as investment in his own books of accounts....
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02 May 2015
ok thnx
what about mediclaim policy ????
it should expenses or same invetment in his own books???
& when we hv bn reimbursed(money received) with the medclaim how to treat it ????????
what about mediclaim policy ????
it should expenses or same invetment in his own books???
& when we hv bn reimbursed(money received) with the medclaim how to treat it ????????
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03 May 2015
in own books there wont b any profit and loss account na....
these are always capital items.. which should b taken as drawings.. and i
these are always capital items.. which should b taken as drawings.. and i
06 May 2015
kindly don't give the wrong information how r u saying that everything is capitalised in own books??????? there is a P & L A/c else how to calcualte tax on individual????????
06 May 2015
kindly don't give the wrong information how r u saying that everything is capitalised in own books??????? there is a P & L A/c else how to calcualte tax on individual????????
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