Page 22 - IC26 LIFE INSURANCE FINANCE

Subsidiary Book

Sl. No. Particulars Details (Rs.) L.F. Amount (Rs.)

Journal (Proper) : Following entries are recorded in Journal:

(1) Opening entries

(2) Closing entries

(3) Rectifying entries

(4) Transfer entries

(5) Entries on dishonor of Bill

(6) Adjusting entries :

(a) Outstanding expenses

(b) Prepaid expenses

(c) Interest on capital

(d) Depreciation

(7) Miscellaneous entries:

(a) Credit purchase of things other than goods dealt.

(b) An allowance given to the customer.

(c) On an amount becoming irrecoverable,

(d) Effects of accidents such as loss of property.

(e) Transfer of net profit to capital A/c.

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