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    ravinder_singh's Avatar
    ravinder_singh Posts: 1, Reputation: 1
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    #1

    Mar 15, 2011, 09:41 AM
    Insurance journal entries?
    Paid fire insurance on building by cheque for rs 4000 and life insurance premium by cheque for 1000
    pready's Avatar
    pready Posts: 3,197, Reputation: 207
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    #2

    Mar 15, 2011, 03:17 PM

    Debit Prepaid Insurance for 5,000
    Credit Cash for 5,000

    Or

    Debit Prepaid Fire Insurance for 4,000
    Debit Prepaid Life Insurance for 1,000
    Credit Cash for 5,000

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