Question

What will be the journal entry paid life insurance primiyal on life of amey of ₹3000

Answer 1

drawings a/c dr 3000
to cash a/c 3000

Answer 2

heyaa,,,
journal entry will be;

Drawing a/c Dr 3000.
to cash a/c. 3000.
(being life insurance paid...)
here life insurance is a personal expense for the owner so it is considered as drawing...
__________________________
Hope it helps...