mr. jayant paid his life insurance premiums of rs 20,000 by cheque
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2
Answer:
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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9
Answer:
Drawing account..Dr. 20,000
to Bank account. 20,000
(being insurance premium paid by jayant which is his personal expense).
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