Question

Paid insurance premium of rs 200 on the life of mr.raj ,a proprietor

Answer 1

Hi friend,

The right Journal entry for this;-

Insurance premium A/c------------Dr. R.s200
To Cash A/c R.s 200

( Being, paid insurance premium )

.....i hope it helps you


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Answer 2

JOURNAL ENTRY

Explanation:

jounal entry with dual aspect  

Explanation:

Basic rule of accounts

1. Decrease in Liability (debit)

2. Decrease in asset (credit)

Cheque received from customer  

Paid insurance premium of rs 200 on the life of mr.raj ,a proprietor

1. Insurance Premium paid for Proprietor life is treated as Drawings

(means decrease in capital) is debit in this enty. (Rule above Given).

2. Paid Insurance means decrease in cash and Rule is credit

Journal

Particulars                                             DR.(Amount)       CR.(Amount)

Drawing(Insurance Premium)   A/C                200                                                      To  Cash  A/C                                                               200

(Being Paid Insurance Premium for Proprietor)

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Paid insurance premium of rs 200 on the life of mr.raj ,a proprietor