The firm of P, Q and R, who share profits and losses in the ratio of 2:2:1,
Question:
The firm of P, Q and R, who share profits and losses in the ratio of 2:2:1, took out, joint supervisorship policy on 10th January, 2015 for ₹25,000 in order to provide a fund for repayment of a deceased partner’s share. The last annual premium of ₹625 was paid on 10th January, 2018 and Q died on 15th February, 2018. The surrender values of the policy were as follows : in
The policy amount was realized in full on Q’s death. Show the Joint Life Policy Account in firm’s books which are closed on 31st December, each year.
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Lets break this down step by step 1 Calculate Premium and Interest for Each Year The policy was take...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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