This article provides a format of final accounts of LIC. A life insurance company shall prepare the Revenue Account [Policyholders’ Account], Profit and Loss Account [Shareholders’ Account] and the Balance Sheet in Form A-RA, Form A- PL and Form A-BS, as prescribed in this Part, or as near thereto as the circumstances permit. Provided that […]
Final Accounts of LIC (With Format) | Accounting
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Preparation of Life Policy Account
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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) […]