Question 28 Chapter 6 of +2- Part

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.

The solution of Question 28 Chapter 6 of +2 Part-1: –

Journal
Date  Particulars
L.F.DebitCredit
 X’s capital A/cDr. 36,000 
 Y’s capital A/cDr. 36,000 
 To joint life policy A/c   72,000
 (Being joint life policy A/c written off)    
     

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 28 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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