Question

Paid fire insurance premium ₹1000 of office and life insurance premium ₹5000 of the owner ( journal entry)

Answer 1

Explanation:

Drawing A/c Dr 5000

Insurance premium A/c Dr 1000

To cash A/c. 6000

Answer 2

Answer:

Explanation:

Fire insurance premium a/c. Dr.1,000

Life insurance premium a/c. Dr.5,000

To cash a/c. 6,000

Insurance premium is not recorded as drawings .

Hope it helps you.