Register To Attempt Complete Test
A, B and C take a joint life policy. Their profit sharing ratio is 2 : 2 : 1. On death of B, A and C decide to share profits equally. They had taken a joint life policy of ₹ 2,75,000 with surrender value ₹ 75,000. What will the treatment be in the Partner’s capital account on receiving the JLP amount, if joint life policy is maintained at the surrender value?