Question

. Sarika, Monika and Dishita are partners sharing profits
and losses in ratio 5:3 : 2. They took a joint life policy
of 2,00,000 on Jan. 1, 2010. On which the annual
premium paid is * 9,000. Monika died 25th June, 2013
and insurance claim was received on 10th Oct, 2013.
Surrender value of policy is 2010-Nil, 2011- 2,400,
2012- 6,000, 2013-10,500.
Journalise the above transactions, when :
(i) Premium is treated as an asset
(ii) Surrender value of policy is treated as asset.
15​

Answer 1

Answer:

Sarika, Monika and Dishita are partners sharing profits

and losses in ratio 5:3 : 2. They took a joint life policy

of 2,00,000 on Jan. 1, 2010. On which the annual

premium paid is * 9,000. Monika died 25th June, 2013

and insurance claim was received on 10th Oct, 2013.

Surrender value of policy is 2010-Nil, 2011- 2,400,

2012- 6,000, 2013-10,500.