Question

A, B &C are partners in a firm B retires from the firm. Old profit sharing ratio is 2:2:1 after retirement . They had taken a joint life policy of Rs. 2,00,000 with the surrender value of Rs. 40,000. What will be the amount to be credited to the partners capital accounts on receiving the JLP amount, if J.L.P. a/c is maintained at surrender value? (a) Rs. 2,00,000 (b) Rs. 40,000 (c) Rs.1,60,000 (d) None of these

Answer 1

$<s>Answer</s>$:-

[B] Rs. 40,000 ✓✓

Answer 2

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Ans

Option.B

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