InvestorQ : Where will be journal entry of deposit 2400 owner lic premium?
Mukesh Kumar made post

Where will be journal entry of deposit 2400 owner lic premium?

Answer
image
VIKAS DELIWALA answered.
2 years ago
Follow

Insurance premium a/c ----- Dr
To cash/bank a/c

2 Views

image
Abigail Ghoshal answered.
2 years ago
Follow

If you follow the double-entry system of accounting, you have to post an entry in the journal and the corresponding ledger. The entry shall be:

Insurance expense a/c ……………………Dr.

2400

To Bank account

2400

(Being insurance expense paid)

P&L account……………………………………Dr.

2400

To insurance expense

2400

(Being expense transferred to P&L account)

1 Views