Life insurance
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
20 February 2012
What is the accounting treatment of LIC (life Insurance corporation)
preamium: 500/- month
Total: 100000/- after 16 years
preamium: 500/- month
Total: 100000/- after 16 years
28 February 2012
In case of Partnership/Sole Propreitorship the amount of LIP should be shown as drawings.
The drawings on account of LIP should be restricted to the amount of Premium paid during the relevant financial year.
The drawings on account of LIP should be restricted to the amount of Premium paid during the relevant financial year.
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