Life insurance accounting entries
Kumar (Accountant) (224 Points)
06 May 2015Kumar (Accountant) (224 Points)
06 May 2015
CA Mitesh N Kothari
(9821662799)
(391 Points)
Replied 07 May 2015
It is an asset in his personal accounts.
If you are maintaining company account than show as drawing in company account and under personal account show it as an investments.
Kumar
(Accountant)
(224 Points)
Replied 07 May 2015
Deepak sharma
(Learner)
(1431 Points)
Replied 14 May 2015
At the moment you dont need to record maturity amount. You will need to maturity amount at the time of maturity when you received from Insurance company (after 5years)
In Personal Account you need to receive from Investment (Head)
In Company Account you need to receive from Capital Account
Regards
Deepak Sharma