Lip amount
This query is : Resolved
19 February 2018
PEOPLE HAVE LIFE INSURANCE, AND MOST OF THEM SHOW HIS PREMIUM AMOUNT IN DRAWING. CAN WE SHOW AS A INVESTMENT IN HEAD INSURANCE PREMIUM.
19 February 2018
Yes you can do. But generally, it is better to keep personal and business assets distinct in Balancsheet, therefore, LIC prem is treated as drawings.
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