Archive | Life Insurance

Preparation of Life Policy Account

Contents: Preparation of Life Policy Account Preparation of Life Policy Account and Calculate Profit/Loss of the Insurance Holder Problems on the Assignment of Life Insurance Policies 1. Preparation of Life Policy Account: Mr. X makes an assignment to his creditors, Y & Co. against his debt of Rs. 5,000 (since he is unable to pay) on 1st Jan. 1985 of [...]

By |2016-12-13T19:15:50+00:00December 13, 2016|Life Insurance|Comments Off on Preparation of Life Policy Account
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Accounting Treatment for Life Insurance Policies

In this article we will discuss about the accounting treatment for life insurance policies. Sometimes a Life Insurance Policy is taken in discharge of a debt from a debtor. Accounting Treatment: In the books of the Creditors: Accounting treatment in the books of creditor depends on the following two conditions: (a) Whether said policy is surrendered to the Insurance Company: [...]

By |2016-12-13T19:15:50+00:00December 13, 2016|Life Insurance|Comments Off on Accounting Treatment for Life Insurance Policies
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