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Question 28 Chapter 6 of +2-Part-1
28. (Surrender Value of JLP given) X, Y and Z are partners in a firm. Surrender value Rs. 72,000 appears in the balance sheet. It was decided on Y's retirement to close this account. Pass required entry.
Journal
| Date | Particulars |
L.F. | Debit | Credit | |
|---|---|---|---|---|---|
| X’s capital A/c | Dr. | 36,000 | |||
| z’s capital A/c | Dr. | 36,000 | |||
| To joint life policy A/c | 72,000 | ||||
| (Being joint life policy A/c written off) | |||||
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 28 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.
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