Insurance Premium Ledger In Tally

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Insurance Premium Ledger In Tally

Group name ledger name all types of purchase accounts like purchase local 12 purchase interstate 12. December 31 2020 5 35 am.

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Not all insurance payments premiums are deductible business expenses.

Insurance premium ledger in tally. A basic insurance journal entry is debit. Bank for payments to an insurance company for business insurance. Mediclaim policy motor insurance fire insurance home insurance travel insurance premium paid e.

мапас uncategorized insurance premium paid journal entry in tally. For example insurance premium paid 5000 on may 1st 2016 for 1 year. Vat payable all expenses which appear in trading account except purchases like labor.

The expense is spread over more than one financial year that is the expense is shared in fy 2016 17 may 2016 to march 2017 is 11 months hence current fy premium is calculated as 5000 12 11 4583 00 and for fy 2017 18 1 month 5000 12 10 417. Some insurance payments can go on to the profit and loss report and some must go on the balance sheet. Expenses which requires to be pass as prepaid.

16 667 00 being two months insurance premium transfer to prepaid expenses account on 1st april 2010 the above entry will be reversed in the books of account by dr. Deducting the lic payments from capital is not good practice as it reduces huge capital amount over long period hence take a narrow step for this solution. Learn general insurance accounting entries in tally erp 9.

Insurance premium interest on loan legal charge loss by fire duties and taxes direct expenses. Insurance premium paid journal entry in tally. Insurance premium and crediting prepaid expenses with the same amount i e.

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