Joint life policy is 30,000 was surrendered and Sundry Debtors is 60,000 were in full after allowing a discount of 20%
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Joint Life Policy (JLP) is a policy which is decided by the partners of the firm on the joint lives of other partners. The purpose of the joint life policy is to reduce the financial burden on the firm at the time of payment of a large sum to the legal representative of the deceased partner. The insurer receives the payout when after the death of his insure partner. There are different methods for the accounting treatment of Joint Life Policy. We will d
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