Question 54 Chapter 6 of +2- Part

Question 54 Chapter 6 of +2-Part-1

54 (Journalisation of Joint Life Policy) A, B and C are equal partners. They took out a joint life policy for Rs. 18,000 at an annual premium of Rs. 700. B died on 1-2-2016. Joint life policy account appears at Rs. 1,800 in the firm’s books on the day of B’s death, Policy amount was duly received.
Give necessary journal entries.

The solution of Question 54 Chapter 6 of +2 Part-1: –

Journal
Date  Particulars
L.F.DebitCredit
1-2-16Insurance Co. A/cDr. 18,000 
 To Joint Life Policy A/c   18,000
 (Being policy due from insurance Co.)    
      
1-2-16Joint Life Policy A/cDr. 16,200 
 To A’s capital A/c   5,400
 To B’s capital A/c   5,400
 To C’s capital A/c   5,400
 (Being profit on J.L.P. distributed )    
     

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 54 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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