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Arithmetic Progression

There are met...

Question

There are _________ methods of dealing with the joint life policy.

A

2

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B

3

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C

4

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D

5

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Solution

The correct option is C $3$
The accounting treatment for Joint Life Policy at the time of the death of a partner is as follows:
Premium Method
Surrender Value Method
Joint Life Policy Reserve Method

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Q. A, B and C were partners sharing profit and losses in the ratio of 3 :2 :1. A retired and firm received the joint life policy Rs. 12,000. The Joint Life Policy Account appearing in the balance sheet at Rs. 20,000. What will be the treatment for the balance in Joint Life Policy i.e., Rs.8,000.

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