Voucher entry for LIC Premium

This query is : Open

Sameer Kapur (Querist)
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29 July 2009 Hi,

I am keeping book of A/c, I want to generate an entry systems where i am paying Lic premium. it should effect my Bank, Premium paid. Also keep a track of how much premium is paid for a Policy in total till date.

What are the entries should i do?

Can any one suggest the entries for this.

Thanks, and wiating for a reply.

ANUSHREE BAFNA

ANUSHREE BAFNA (Querist)
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29 July 2009 Please tell me the procedure:

How we can register a partnership firm with the registrar of firms..
tell me the whole procedure..
Plz reply fast..

Anushree Bafna

Abhishek Mohta

Abhishek Mohta (Expert)
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30 July 2009 Hi Sameer,

you can pass the follwoing entry:

a. While paying the premium

Insurance premium a/c dr (p&l item)
To Bank a/c

b. For tracking the total payment

Insurance premium paid a/c dr. (current asset)
To Provision for insurance premium a/c

the second entry will only be a book entry and wont reflect in the Balance sheet.

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Abhishek Mohta

Abhishek Mohta (Expert)
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30 July 2009 Hi Anushree,

The follwoing method is there to get a partnership firm register:

Sec 58 of the Partnership Act

(1) The registration of a firm may be effected at any time by sending by post or delivering to the Registrar of the area in which any place of business of the firm is situated or proposed to be situated, a statement in the prescribed form and accompanied by the prescribed fee, stating –

(a) the firm name,
(b) the place or principal place of business of the firm,
(c) the names of any other places where the firm carries on business,
(d) the date when each partner joined the firm,
(e) the names in full and permanent addresses of the partners, and
(f) the duration of the firm.

The statement shall be signed by all the partners, or by their agents specially authorized in this behalf.

(2) Each person signing the statement shall also verify it in the manner prescribed.

(3) A firm name shall not contain any of the following words, namely:-
“Crown”, “Emperor”, “Empress”, “Empire”, “Imperial”, “King”, “Queen”, “Royal”, or words expressing or implying the sanction, approval or patronage of Government, except when the State Government signifies its consent to the use of such words as part of the firm name by order in writing.

59. Registration –

When the Registrar is satisfied that the provisions of section 58 have been duly complied with, he shall record an entry of the statement in a register called the Register of Firms and shall file the statement.