Insurance premium account

Accountancy

Is insurance premium account is a personal, real or nominal account

Jaya Jaya

CA Inter

★ 165

23-Aug-22 19:02

526

Answers (6)

Best Answer

Insurance Premium Account is a Nominal Account As per dr all the expenses and losses As per Cr all income and gains

Balachandar S

CA Inter

★ 59K+

23-Aug-22 19:29

nominal ac because it is expenses

Elavarasi B

CA Inter

★ 46K+

23-Aug-22 19:19

Elavarasi B

nominal ac because it is expenses

Thread Starter

Jaya Jaya

CA Inter

★ 165

23-Aug-22 19:32

Balachandar S

Insurance Premium Account is a Nominal Account As per dr all the expenses and losses As per Cr all income and gains

Thread Starter

Jaya Jaya

CA Inter

★ 165

23-Aug-22 19:32

Thread Starter

Jaya Jaya

:) wlcm...

Balachandar S

CA Inter

★ 59K+

23-Aug-22 21:19

it depends as if: 1.the premium account is paid for year with no surplus payment then it is a nominal account and will come into profit and loss account 2.the premium is paid earlier i.e. prepaid then the prepaid amount will be treated as real account as asset as the utilisation of that premium is going to happen in the future accounting period

Angry Toshniwal

CA Final

★ 505

24-Aug-22 20:26