Explain the surrender value of the life policies, Accounting Basics

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Explain the surrender value of the life policies

A,B and C were sharing profit and losses in the ratio of 5:3:2. The firm had insured the partner's lives severally. The surrender value of the life policies appearing in the Balance Sheet as at 10th Nov.,2004 were: A- 40,000$ B- 32,000$ C-24,000$ The surrender values represents 40% of the sum assured in each case. A dies on this date. b and C decide to share future profits and losses in the ratio of 2:1.Give Neccessary journal entries.

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Accounting Basics: Explain the surrender value of the life policies

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Accounting Basics: Explain the surrender value of the life policies

Reference No:- TGS0696119

Have a Question? (oR Write a Review)

Recent Questions Asked Accounting Basics

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Request for Solution File

Ask an Expert for Answer!!

Accounting Basics: Explain the surrender value of the life policies

Reference No:- TGS0696119

Recent Questions Asked Accounting Basics

Q : What is the purpose of the charity

Q : Estimate the mass of an apple

Q : Find plaintext message-encrypted using shift transformation

Q : Determine how many pounds of raw material are needed

Q : Explain the surrender value of the life policies

Q : What are the consolidation entries needed

Q : Find product cipher obtained by using transformation

Q : Calculate the total overhead allocated to job

Q : Determine the peak current

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