Loading Tutorstips...
✦ FREE LEARNING — CLASS 11 & 12 — CBSE · PSEB — ACCOUNTS · ECONOMICS · BST ✦
Question 27 Chapter 6 of +2-Part-1
27. (Surrender Value of JLP given) A, B, and C are partners in the 2:3:1 ratio They took a policy of Rs. 5,00,000 and paid an annual premium of Rs. 20,000. The surrender value of the policy on the retirement of C is Rs. 7,500. The partner decides to show JLP in the books. Journalese.
Journal
| Date | Particulars |
L.F. | Debit | Credit | |
|---|---|---|---|---|---|
| Join life policy A/c | Dr. | 7,500 | |||
| To A’s capital A/c | 2,500 | ||||
| To B’s capital A/c | 3,750 | ||||
| To C’s capital A/c | 1,250 | ||||
| (Being joint life policy brought in to books ) | |||||
Comment if you have any questions.
Accounting & Commerce Educator
Sarbjit Singh holds a B.Com and M.Com degree and has over 12 years of teaching experience in double entry bookkeeping, financial accounting, and business studies.
This guide covers "Question 27 Chapter 6 of +2 Part-1 - USHA Publication 12 Class Part - 1", focusing on key definitions, step-by-step concepts, applications, and revision guidelines relevant to USHA Publication +2 Part 1.
It is primarily curated for Class 11 and Class 12 high school commerce, accounting, and economics students, as well as aspirants preparing for board exams or CA Foundation.
You can take our custom-built interactive practice quiz directly on this page to test your understanding of "Question 27 Chapter 6 of +2 Part-1 - USHA Publication 12 Class Part - 1" instantly.
