Question

premium paid for the insurance of goods 4000​

Answer 1

please complete your question properly

Answer 2

Answer:

Journal entry for the Insurance premium paid will be:

Drawings A/c                   Dr.    4000

              To Cash/bank A/c                  4000

Explanation:

(Being life insurance paid from cash/bank account, drawing account is debited because the insurance premium is paid for a person who is not related to business transaction. Any amount withdrawn from business for "personal use" is treated as drawing. Cash/bank account is credited because as per golden rules of accounts, for real accounts entries passed will be credit what goes out.)

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