Accountancy, asked by sitadevi25, 11 months ago

LIC Premium pay 3654

Answers

Answered by kaalipavan

1

Answer:

Explanation:

Lic premium account...Dr.. 3654

To cash account.... 3654

(Being life insurance paid from cash/bank account, drawing account is debited because the insurance premium is paid for a person who is not related to business transaction. Any amount withdrawn from business for "personal use" is treated as drawing. Cash/bank account is credited because as per golden rules of accounts, for real accounts entries passed will be credit what goes out)

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