Balances of Ram, Hari & Mohan sharing profits and losses in the ratio 2:3:2 stood as follows: Capital Account: Ram Rs. 10,00,000; Hari Rs. 15,00,000; Mohan Rs. 10,00,000 Joint Life Policy Rs. 3,50,000. Hari desired to retire from the firm and the remaining partners decided to carry on with the future profit sharing ratio of 3:2. Joint Life Policy of the partners surrendered and cash obtained Rs. 3,50,000.  What would be the treatment for JLP A/c?
  • a)
    Rs. 3,50,000 credited to partner’s capital account in new ratio
  • b)
    Rs. 3,50,000 credited to partner’s capital account in old ratio
  • c)
    Rs. 3,50,000 credited to partner’s capital account in capital ratio
  • d)
    Rs. 3,50,000 credited to JLP account
Correct answer is option 'D'. Can you explain this answer?

Related Test

Can you answer this doubt?

People are searching for an answer to this question.
This discussion on Balances of Ram, Hari & Mohan sharing profits and losses in the ratio 2:3:2 stood as follows: Capital Account: Ram Rs. 10,00,000; Hari Rs. 15,00,000; Mohan Rs. 10,00,000 Joint Life Policy Rs. 3,50,000. Hari desired to retire from the firm and the remaining partners decided to carry on with the future profit sharing ratio of 3:2. Joint Life Policy of the partners surrendered and cash obtained Rs. 3,50,000. What would be the treatment for JLP A/c?a)Rs. 3,50,000 credited to partner’s capital account in new ratiob)Rs. 3,50,000 credited to partner’s capital account in old ratioc)Rs. 3,50,000 credited to partner’s capital account in capital ratiod)Rs. 3,50,000 credited to JLP accountCorrect answer is option 'D'. Can you explain this answer? is done on EduRev Study Group by CA Foundation Students. The Questions and Answers of Balances of Ram, Hari & Mohan sharing profits and losses in the ratio 2:3:2 stood as follows: Capital Account: Ram Rs. 10,00,000; Hari Rs. 15,00,000; Mohan Rs. 10,00,000 Joint Life Policy Rs. 3,50,000. Hari desired to retire from the firm and the remaining partners decided to carry on with the future profit sharing ratio of 3:2. Joint Life Policy of the partners surrendered and cash obtained Rs. 3,50,000. What would be the treatment for JLP A/c?a)Rs. 3,50,000 credited to partner’s capital account in new ratiob)Rs. 3,50,000 credited to partner’s capital account in old ratioc)Rs. 3,50,000 credited to partner’s capital account in capital ratiod)Rs. 3,50,000 credited to JLP accountCorrect answer is option 'D'. Can you explain this answer? are solved by group of students and teacher of CA Foundation, which is also the largest student community of CA Foundation. If the answer is not available please wait for a while and a community member will probably answer this soon. You can study other questions, MCQs, videos and tests for CA Foundation on EduRev and even discuss your questions like Balances of Ram, Hari & Mohan sharing profits and losses in the ratio 2:3:2 stood as follows: Capital Account: Ram Rs. 10,00,000; Hari Rs. 15,00,000; Mohan Rs. 10,00,000 Joint Life Policy Rs. 3,50,000. Hari desired to retire from the firm and the remaining partners decided to carry on with the future profit sharing ratio of 3:2. Joint Life Policy of the partners surrendered and cash obtained Rs. 3,50,000. What would be the treatment for JLP A/c?a)Rs. 3,50,000 credited to partner’s capital account in new ratiob)Rs. 3,50,000 credited to partner’s capital account in old ratioc)Rs. 3,50,000 credited to partner’s capital account in capital ratiod)Rs. 3,50,000 credited to JLP accountCorrect answer is option 'D'. Can you explain this answer? over here on EduRev! Apart from being the largest CA Foundation community, EduRev has the largest solved Question bank for CA Foundation.
This discussion on Balances of Ram, Hari & Mohan sharing profits and losses in the ratio 2:3:2 stood as follows: Capital Account: Ram Rs. 10,00,000; Hari Rs. 15,00,000; Mohan Rs. 10,00,000 Joint Life Policy Rs. 3,50,000. Hari desired to retire from the firm and the remaining partners decided to carry on with the future profit sharing ratio of 3:2. Joint Life Policy of the partners surrendered and cash obtained Rs. 3,50,000. What would be the treatment for JLP A/c?a)Rs. 3,50,000 credited to partner’s capital account in new ratiob)Rs. 3,50,000 credited to partner’s capital account in old ratioc)Rs. 3,50,000 credited to partner’s capital account in capital ratiod)Rs. 3,50,000 credited to JLP accountCorrect answer is option 'D'. Can you explain this answer? is done on EduRev Study Group by CA Foundation Students. The Questions and Answers of Balances of Ram, Hari & Mohan sharing profits and losses in the ratio 2:3:2 stood as follows: Capital Account: Ram Rs. 10,00,000; Hari Rs. 15,00,000; Mohan Rs. 10,00,000 Joint Life Policy Rs. 3,50,000. Hari desired to retire from the firm and the remaining partners decided to carry on with the future profit sharing ratio of 3:2. Joint Life Policy of the partners surrendered and cash obtained Rs. 3,50,000. What would be the treatment for JLP A/c?a)Rs. 3,50,000 credited to partner’s capital account in new ratiob)Rs. 3,50,000 credited to partner’s capital account in old ratioc)Rs. 3,50,000 credited to partner’s capital account in capital ratiod)Rs. 3,50,000 credited to JLP accountCorrect answer is option 'D'. Can you explain this answer? are solved by group of students and teacher of CA Foundation, which is also the largest student community of CA Foundation. If the answer is not available please wait for a while and a community member will probably answer this soon. You can study other questions, MCQs, videos and tests for CA Foundation on EduRev and even discuss your questions like Balances of Ram, Hari & Mohan sharing profits and losses in the ratio 2:3:2 stood as follows: Capital Account: Ram Rs. 10,00,000; Hari Rs. 15,00,000; Mohan Rs. 10,00,000 Joint Life Policy Rs. 3,50,000. Hari desired to retire from the firm and the remaining partners decided to carry on with the future profit sharing ratio of 3:2. Joint Life Policy of the partners surrendered and cash obtained Rs. 3,50,000. What would be the treatment for JLP A/c?a)Rs. 3,50,000 credited to partner’s capital account in new ratiob)Rs. 3,50,000 credited to partner’s capital account in old ratioc)Rs. 3,50,000 credited to partner’s capital account in capital ratiod)Rs. 3,50,000 credited to JLP accountCorrect answer is option 'D'. Can you explain this answer? over here on EduRev! Apart from being the largest CA Foundation community, EduRev has the largest solved Question bank for CA Foundation.