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Treating Manager as Partner

All of the fo...

Question

All of the following except one is the method of recording joint life policy ______________.

A

premium paid charged to revenue

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B

JLP Account maintained at the surrender value

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C

JLP Account maintained at the surrender value along with the Reserve

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D

Surrender value distributed among the partners in the profit sharing ratio

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Solution

The correct option is C Surrender value distributed among the partners in the profit sharing ratio
The surrender value at the time of the death of a partner is distributed among the remaining partners and the legal representative of the deceased partner.

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Similar questions

Q. A, B and C takes a Joint Life Policy. After five years B retires from the firm. Old profit sharing ratio is 2: 2: 1. After retirement A and C decide to share profits equally. They had taken a Joint Policy of Rs. 2,00,000 with the surrender value Rs. 30,000. What will be the treatment in the partner's capital account on receiving the JLP amount if joint life policy A/C is maintained at surrender value along with the reserve for JLP?

Q. A, B & C takes a joint life policy, after

5

years B retires from the firm. Old profit sharing ratio is

2 : 2 : 1

. After retirement A and C decides to share profits equally. They had taken a joint life policy of

R s .2, 50, 000

with the surrender value

R s .50, 000

. What will be the treatment in the partner's capital account on receiving the JLP amount if joint life policy premium is fully charged to revenue as and when paid?

Q. A, B & C are the partners sharing profits and losses in the ratio

2 : 1 : 1

. Firm has a joint life policy of Rs

1, 20, 000

and in the balance sheet it is appearing at the surrender value i.e. Rs

20, 000

. On the death of A, how his JLP will be shared among the partners?

Q. A, B & C Care the partners sharing profits and losses in the ratio

2 : 1 : 1

. Firm has a joint life policy of

R s .1, 20, 000

and in the balance sheet it is appearing at the surrender value i. e.

R s .20, 000

. On the the death of A, how this JLP will be shared among the partners?

Q. Joint life policy amount received from insurance company in excess of its surrender value is credited to the capital account of the partners.

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