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Question 29 Chapter 6 of +2 Part-1 – USHA Publication 12 Class Part – 1

Q-29 - CH-6 - Usha +2 Book 2018 - Solution

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Question 29 Chapter 6 of +2-Part-1

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29. (JLP A/c Closed) Joint life policy Rs. 35,000 and reserve against this appear in the Balance Sheet of A, B and C who share profits in 3 : 2 : 2 ratio. A retires and it was decided to close these accounts. Journalise.

The solution of Question 29 Chapter 6 of +2 Part-1: –

Journal
Date  Particulars
L.F.DebitCredit
 Join life policy reserve A/cDr. 35,000 
 To joint life policy A/c   35,000
 (Being joint life policy & reserved A/c s closed )    
     

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
Vol. I: Accounting for Not-for-Profit Organizations and Partnership Firm

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