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Balances of M/s. A, B, and C, sharing profits and losses in proportion to their capitals stood as follow : Capital accounts : ₹ 3,00,000; ₹ 2,00,000 and ₹ 1,00,000 respectively. A desired to retire from the firm and the remaining partners decided to carry on. Joint Life Policy of the partners was surrendered and the cash obtained ₹50,000. What will be the treatment for JLP?