Question

paid for life insurance premium by cheque Rs.6000 journal entry

Answer 1

3 golden rules

• debit the receiver , credit the giver

• debit what comes in , credit what goes out

• debit all the expenses and losses , credit all the incomes and gains

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Reason for debit and credit

Insurance premium A/c - nominal A/c , in this expense of the company therefore its credited

Bank A/c - real A/c , where bank is giver ,whos the giver of money . therefore its credited .

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Journal entry

Insurance premium A/c Dr 6000

To Bank A/c 6000

(being insurance premium paid)

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Answer 2

Answer:

Journal entry

Insurance premium A/c Dr 6000

To Bank A/c 6000

(being insurance premium paid)

Explanation:

3 golden rules

• debit the receiver , credit the giver

• debit what comes in , credit what goes out

• debit all the expenses and losses , credit all the incomes and gains

----------------------------------------------------------------------------------------------------------------

Reason for debit and credit

Insurance premium A/c - nominal A/c , in this expense of the company therefore its credited

Bank A/c - real A/c , where bank is giver ,whos the giver of money . therefore its credited .

-----------------------------------------------------------------------------------------------------------------

Journal entry

Insurance premium A/c Dr 6000

To Bank A/c 6000

(being insurance premium paid)

paid for life insurance premium by cheque Rs.6000 journal entry

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Journal entry for insurance premium paid by bank Rs.6000​

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