journal entries
Life insurance premium Rs. 6,000 was paid on behalf of the owner.
d. Income tax Rs. 5,000 paid on behalf of the owner
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Premium paid on the life policy of the proprietor should not be debited to insurance premium account. Premium paid on life policy of proprietor is not an expense in the normal course of business. It is an expense of personal nature any any expense for personal purpose is debited to drawings A/c.
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Explanation:
life insurace premium ac dr
cash ac
income tax ac dr
cash ac
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