please anyone know this answer please tell me
Answers
Answer:
A Joint Life Policy (JLP) is an insurance policy which is taken out by the partnership firm on the joint lives of all the partners. The amount of policy is payable by the Insurance Company either on the death or on maturity of policy, whichever is earlier. The firm pays annual premium to the insurer against the policy.
At the time of retirement of a partner, the firm get surrender value of policy in old profit sharing ratio.
In the given question policy value is Rs. 250000 and surrender value is Rs.50000. Therefore, surrender value i.e., Rs. 50000 is credited to all partner's capital A/c in their old ratio. IS THIS ONE IAM COMPLETLY CONFUSED I THINK ITS WRONG BUT IT CAN BE CORRECT
please give me the brainliest tag for my effort for typing this please