Question

3) Bank paid * 15,000 directly for insurance premium of vasu....plz give journal entry for this and explain how it came​

Answer 1

Answer:

I didn't understand the question

Answer 2

The answer to the following question is below.

Explanation:       

Insurance premium for Vasu is a personal expense. All personal expenses are included in Drawings.

NOTE: Here insurance premium is deemed as life insurance premium.

                                  Journal Entry

                          In the Books of (-----Ltd)

Date         Particular                                      Debit       Credit

                Drawings             a/c    Dr              15,000

                To Bank                a/c                                     15,000

           (Being insurance premium paid from the bank )

According to the Journal principle, all expenses must be debit.

Learn more

brainly.in/question/939040

#learnwithbrainly