Umesh007 (Accountant) (57 Points)
15 February 2011Lic Policy Premium Accounting Posting Effect
Sir,
Wheather the LIC policy Premium (Instalment) indlude in Capital Account or wheather it deducted from Capital account (As a Current Asset)
inform me ledger posting this transaction with proper Group Head. inform Me plz
CMA.Subhabrata Pramanik
(Cost Accountant)
(69 Points)
Replied 15 February 2011
For LIC Premium paid for Policy-
Dr. A/c Drawings
Cr. A/c Bank/Cash
(Narration- Being LIC Premium paid against Policy no.......... for month/qtr./half-year/year ended..............)
Definitely, It should be deducted from Capital Account seperately as drawings.
25 Hours GST Scrutiny of Return and Notice Handling(With Recording)
Survey, Search and Seizure under Income Tax Act 1961
CAclubindia
