hi to all this is sai i attend interview for genpact last week
he asked me about BRS :if ur MD issued a cheque for his own
insurance premium what u will do?
this is the question plz give answer for this
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Answer / sg reddy
Drawing A/C dr
To Bank A/C
we should record the above entry in our books.
| Is This Answer Correct ? | 41 Yes | 1 No |
Answer / amit k prasad
If MD issue cheque from company account than entry should
be -----------
Drawing A/c Dr.
To Bank A/c
If not than there should be no entry in the book of company.
| Is This Answer Correct ? | 15 Yes | 0 No |
Answer / alakh goel
its his personal matter.... i'll not dirturb him .......and
as its his personal matter so their wiil be no effect....
| Is This Answer Correct ? | 8 Yes | 2 No |
Answer / sandeep rajput
We shall entered this cheque in Bank Register if it is paid
by companies Account. No effect on BRS.
| Is This Answer Correct ? | 8 Yes | 3 No |
Answer / suryakiran
If the MD has issued a personal cheque then quite obviously
there would be no question of an entry let alone BRS
If the company pays the premium then,
Insurance premium a/c dr
To Bank a/c
(Would be an unticked item in the cash book untill
the cheque is realised)
| Is This Answer Correct ? | 8 Yes | 4 No |
Answer / toms thankachan
hi sai, if the MD issues his own cheque for his personal
insurance - the question itself is not relevant. we dont
have any thing to do.
Case 1: if the co. is responsible for paying his insurance -
he paid with his personal cheque.
Insurance a/c ... dr
To MD's a/c
Case 2: if he issues cheque from co. for his personal ins
Drawings a/c....dr
To Bank a/c
(in this case on BRS has the normal effect as we issued a
cheque for some expense)
I hope its clear now.
| Is This Answer Correct ? | 6 Yes | 3 No |
Answer / gouthami
insuranse premium paid by md for his own insurance premium
comes on credit side of BRS because it comes under drawings.
| Is This Answer Correct ? | 3 Yes | 1 No |
Answer / kuldeepkumar
hi sai, if the MD issues his own cheque for his personal
insurance. then would not be any entry for this in account
of company.
if the co. is responsible for paying his insurance -
Insurance a/c ... dr
To bank a/c
(being insurance paid for MD life cover)
if he issues cheque from co. for his personal insurance then
Drawings a/c....dr
To Bank a/c
(being withdrawl money by MD for paying his ins premium)
| Is This Answer Correct ? | 2 Yes | 0 No |
Answer / ravichandra
md: Md issued the cheque for personal use. it is not effect the brs. may b company will bare the insurence premiun definitively we r entered in the brs.
drawing dr
to insurence premium a,c
insurence premium payable dr
to bank
| Is This Answer Correct ? | 1 Yes | 0 No |
Answer / pradeep
if he is asking question about brs where it as effect than
i say that cash book shows high balance on the same same
way pass book show less balance
| Is This Answer Correct ? | 3 Yes | 4 No |
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