A and B, sharing profits in the ratio of 3 : 2, took out a joint life
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A and B, sharing profits in the ratio of 3 : 2, took out a joint life policy on 1st January, 2015 of ₹20,000 for 20 years paying annual premium of ₹1,000. The surrender values were : 2015 : ₹nil; 2016 : ₹200; 2017 : ₹550; 2018: ₹970. B dies on 8th March, 2018 and claim was received on 30th April, 2018. Prepare Joint Life Policy Account and Joint Life Policy Reserve Account.
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To prepare the Joint Life Policy Account and Joint Life Policy Reserve Account we need to consider t...View the full answer
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Related Book For 
Financial Accounting Volume II
ISBN: 9789387886230
4th Edition
Authors: Mohamed Hanif, Amitabha Mukherjee
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