Question

Joint Life Insurance Policy of partners is an account
(A) Nominal
(B) Personal
(C) Liability
(D) Asset​

Answer 1

Answer:

it is asset. because joint life will be asset of the firm and deceased partners has right share any profit or loss on such policy .so any claim which is received by the firm on the death of the partner is divided among the partners and credited to there capital accounts in their profits sharing ratio

so it is D asset

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