Question

Paid insurance of 11,200 including CGST and SGST @12% each for a period of one year. Pass a jounal entry for the given situation.

Answer 1

Answer:

1) If paid per month then:-

Insurance A/C. Dr... 166656

To bank A/C. 166656

2) of paid for only one year {generally}

Insurance A/C. Dr... 13888

To bank A/C. 13888