paid life isurance premium by cheque for 4000
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The journal entry for this will be,
Drawings A/c Dr. 4000
To Bank A/c. 4000
Drawings A/c Dr. 4000
To Bank A/c. 4000
sujiritha95:
mark it as barinliest answer pls
Answered by
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insurance premium A/c Dr 4000
To bank A/c 4000
(being life insurance premium paid )
To bank A/c 4000
(being life insurance premium paid )
to bank
because it is life insurance which is paid for the proprietor of the business and is his personal expenses.
questikn was not clearly given that its for company or individual
if its individual my answee is correct
as well as in some ckmpanies life inurance take for its employes also . in suxh case my journal entry is correct
if it's individual then Your answer is wrong
becoz it says life insurance
not insurance
life insurance is a type of insurance .. so mine is correct .. there is no standard entry that v need to write only life insurance .
ok your wish
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