Question 27 Chapter 6 of +2- Part

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.

The solution of Question 27 Chapter 6 of +2 Part-1: –

Journal
Date  Particulars
L.F.DebitCredit
 Join life policy A/cDr. 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.
Also, Check out the solved question of previous Chapters: –

Usha Publication – Accountancy PSEB (Class 12) – Volume I – Solution

Usha Publication – Accountancy PSEB (Class 12) – Volume II – Solution

Check out T.S. Grewal +2 Book 2020@ Official Website of Sultan Chand Publication

2 Book 1 min - Question 27 Chapter 6 of +2 Part-1 - USHA Publication 12 Class Part - 1
Vol. I: Accounting for Not-for-Profit Organizations and Partnership Firm

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