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Balances of A, B and C sharing profits and losses in proportion to their capitals, stood as A -Rs. 2,00,000; B - Rs. 3,00,000 and C - Rs. 2,00,000; Joint Life Policy Reserve A/c Rs. 80,000 and Joint Life Policy A/c Rs. 80,000. A desired to retire form the firm and the remaining partners decided to carry on in equal ratio, Joint life policy of the partners surrendered and cash obtained Rs. 80,000. What will be the treatment for Joint Life Policy Reserve A/c?
- a)Cash received credited to Revaluation Account
- b)JLP Reserve balance credited to Partner’s Capital Account in old profit sharing ratio
- c)JLP Reserve balance credited to Partner’s Capital Account in new profit sharing ratio
- d)Cash received credited to Partners Capital Account in old profit sharing ratio
Correct answer is option 'B'. Can you explain this answer?
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Balances of A, B and C sharing profits and losses in proportion to the...
S' capital accounts in the old profit-sharing ratio and JLP A/c closed by transferring its balance to partner's capital accounts in the old profit-sharing ratioc)JLP Reserve balance credited to Partner's capital accounts in the new profit-sharing ratio and JLP A/c closed by transferring its balance to Partner's capital accounts in the new profit-sharing ratiod)Cash received credited to Partner's capital accounts in the new profit-sharing ratio and JLP Reserve balance transferred to Revaluation Account
Answer: b) JLP Reserve balance credited to Partner's capital accounts in the old profit-sharing ratio and JLP A/c closed by transferring its balance to partner's capital accounts in the old profit-sharing ratio.
Explanation: When a partner retires or a partnership firm is dissolved, the joint life policy is surrendered and the amount received is credited to the Joint Life Policy A/c. The remaining balance in the Joint Life Policy Reserve A/c is distributed among the partners in their old profit sharing ratio. In this case, A is retiring and the remaining partners are continuing in equal ratio. Therefore, the Joint Life Policy Reserve A/c balance of Rs. 80,000 will be credited to the capital accounts of A, B and C in their old profit sharing ratio (2:3:2). The Joint Life Policy A/c balance of Rs. 80,000 will be transferred to the capital accounts of A, B and C in the same ratio and the account will be closed.
Answer: b) JLP Reserve balance credited to Partner's capital accounts in the old profit-sharing ratio and JLP A/c closed by transferring its balance to partner's capital accounts in the old profit-sharing ratio.
Explanation: When a partner retires or a partnership firm is dissolved, the joint life policy is surrendered and the amount received is credited to the Joint Life Policy A/c. The remaining balance in the Joint Life Policy Reserve A/c is distributed among the partners in their old profit sharing ratio. In this case, A is retiring and the remaining partners are continuing in equal ratio. Therefore, the Joint Life Policy Reserve A/c balance of Rs. 80,000 will be credited to the capital accounts of A, B and C in their old profit sharing ratio (2:3:2). The Joint Life Policy A/c balance of Rs. 80,000 will be transferred to the capital accounts of A, B and C in the same ratio and the account will be closed.
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Balances of A, B and C sharing profits and losses in proportion to their capitals, stood as A -Rs. 2,00,000; B - Rs. 3,00,000 and C - Rs. 2,00,000; Joint Life Policy Reserve A/c Rs. 80,000 and Joint Life Policy A/c Rs. 80,000. A desired to retire form the firm and the remaining partners decided to carry on in equal ratio, Joint life policy of the partners surrendered and cash obtained Rs. 80,000. What will be the treatment for Joint Life Policy Reserve A/c?a)Cash received credited to Revaluation Accountb)JLP Reserve balance credited to Partner’s Capital Account in old profit sharing ratioc)JLP Reserve balance credited to Partner’s Capital Account in new profit sharing ratiod)Cash received credited to Partners Capital Account in old profit sharing ratioCorrect answer is option 'B'. Can you explain this answer?
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Balances of A, B and C sharing profits and losses in proportion to their capitals, stood as A -Rs. 2,00,000; B - Rs. 3,00,000 and C - Rs. 2,00,000; Joint Life Policy Reserve A/c Rs. 80,000 and Joint Life Policy A/c Rs. 80,000. A desired to retire form the firm and the remaining partners decided to carry on in equal ratio, Joint life policy of the partners surrendered and cash obtained Rs. 80,000. What will be the treatment for Joint Life Policy Reserve A/c?a)Cash received credited to Revaluation Accountb)JLP Reserve balance credited to Partner’s Capital Account in old profit sharing ratioc)JLP Reserve balance credited to Partner’s Capital Account in new profit sharing ratiod)Cash received credited to Partners Capital Account in old profit sharing ratioCorrect answer is option 'B'. Can you explain this answer? for CA Foundation 2024 is part of CA Foundation preparation. The Question and answers have been prepared according to the CA Foundation exam syllabus. Information about Balances of A, B and C sharing profits and losses in proportion to their capitals, stood as A -Rs. 2,00,000; B - Rs. 3,00,000 and C - Rs. 2,00,000; Joint Life Policy Reserve A/c Rs. 80,000 and Joint Life Policy A/c Rs. 80,000. A desired to retire form the firm and the remaining partners decided to carry on in equal ratio, Joint life policy of the partners surrendered and cash obtained Rs. 80,000. What will be the treatment for Joint Life Policy Reserve A/c?a)Cash received credited to Revaluation Accountb)JLP Reserve balance credited to Partner’s Capital Account in old profit sharing ratioc)JLP Reserve balance credited to Partner’s Capital Account in new profit sharing ratiod)Cash received credited to Partners Capital Account in old profit sharing ratioCorrect answer is option 'B'. Can you explain this answer? covers all topics & solutions for CA Foundation 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Balances of A, B and C sharing profits and losses in proportion to their capitals, stood as A -Rs. 2,00,000; B - Rs. 3,00,000 and C - Rs. 2,00,000; Joint Life Policy Reserve A/c Rs. 80,000 and Joint Life Policy A/c Rs. 80,000. A desired to retire form the firm and the remaining partners decided to carry on in equal ratio, Joint life policy of the partners surrendered and cash obtained Rs. 80,000. What will be the treatment for Joint Life Policy Reserve A/c?a)Cash received credited to Revaluation Accountb)JLP Reserve balance credited to Partner’s Capital Account in old profit sharing ratioc)JLP Reserve balance credited to Partner’s Capital Account in new profit sharing ratiod)Cash received credited to Partners Capital Account in old profit sharing ratioCorrect answer is option 'B'. Can you explain this answer?.
Balances of A, B and C sharing profits and losses in proportion to their capitals, stood as A -Rs. 2,00,000; B - Rs. 3,00,000 and C - Rs. 2,00,000; Joint Life Policy Reserve A/c Rs. 80,000 and Joint Life Policy A/c Rs. 80,000. A desired to retire form the firm and the remaining partners decided to carry on in equal ratio, Joint life policy of the partners surrendered and cash obtained Rs. 80,000. What will be the treatment for Joint Life Policy Reserve A/c?a)Cash received credited to Revaluation Accountb)JLP Reserve balance credited to Partner’s Capital Account in old profit sharing ratioc)JLP Reserve balance credited to Partner’s Capital Account in new profit sharing ratiod)Cash received credited to Partners Capital Account in old profit sharing ratioCorrect answer is option 'B'. Can you explain this answer? for CA Foundation 2024 is part of CA Foundation preparation. The Question and answers have been prepared according to the CA Foundation exam syllabus. Information about Balances of A, B and C sharing profits and losses in proportion to their capitals, stood as A -Rs. 2,00,000; B - Rs. 3,00,000 and C - Rs. 2,00,000; Joint Life Policy Reserve A/c Rs. 80,000 and Joint Life Policy A/c Rs. 80,000. A desired to retire form the firm and the remaining partners decided to carry on in equal ratio, Joint life policy of the partners surrendered and cash obtained Rs. 80,000. What will be the treatment for Joint Life Policy Reserve A/c?a)Cash received credited to Revaluation Accountb)JLP Reserve balance credited to Partner’s Capital Account in old profit sharing ratioc)JLP Reserve balance credited to Partner’s Capital Account in new profit sharing ratiod)Cash received credited to Partners Capital Account in old profit sharing ratioCorrect answer is option 'B'. Can you explain this answer? covers all topics & solutions for CA Foundation 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Balances of A, B and C sharing profits and losses in proportion to their capitals, stood as A -Rs. 2,00,000; B - Rs. 3,00,000 and C - Rs. 2,00,000; Joint Life Policy Reserve A/c Rs. 80,000 and Joint Life Policy A/c Rs. 80,000. A desired to retire form the firm and the remaining partners decided to carry on in equal ratio, Joint life policy of the partners surrendered and cash obtained Rs. 80,000. What will be the treatment for Joint Life Policy Reserve A/c?a)Cash received credited to Revaluation Accountb)JLP Reserve balance credited to Partner’s Capital Account in old profit sharing ratioc)JLP Reserve balance credited to Partner’s Capital Account in new profit sharing ratiod)Cash received credited to Partners Capital Account in old profit sharing ratioCorrect answer is option 'B'. Can you explain this answer?.
Solutions for Balances of A, B and C sharing profits and losses in proportion to their capitals, stood as A -Rs. 2,00,000; B - Rs. 3,00,000 and C - Rs. 2,00,000; Joint Life Policy Reserve A/c Rs. 80,000 and Joint Life Policy A/c Rs. 80,000. A desired to retire form the firm and the remaining partners decided to carry on in equal ratio, Joint life policy of the partners surrendered and cash obtained Rs. 80,000. What will be the treatment for Joint Life Policy Reserve A/c?a)Cash received credited to Revaluation Accountb)JLP Reserve balance credited to Partner’s Capital Account in old profit sharing ratioc)JLP Reserve balance credited to Partner’s Capital Account in new profit sharing ratiod)Cash received credited to Partners Capital Account in old profit sharing ratioCorrect answer is option 'B'. Can you explain this answer? in English & in Hindi are available as part of our courses for CA Foundation.
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Here you can find the meaning of Balances of A, B and C sharing profits and losses in proportion to their capitals, stood as A -Rs. 2,00,000; B - Rs. 3,00,000 and C - Rs. 2,00,000; Joint Life Policy Reserve A/c Rs. 80,000 and Joint Life Policy A/c Rs. 80,000. A desired to retire form the firm and the remaining partners decided to carry on in equal ratio, Joint life policy of the partners surrendered and cash obtained Rs. 80,000. What will be the treatment for Joint Life Policy Reserve A/c?a)Cash received credited to Revaluation Accountb)JLP Reserve balance credited to Partner’s Capital Account in old profit sharing ratioc)JLP Reserve balance credited to Partner’s Capital Account in new profit sharing ratiod)Cash received credited to Partners Capital Account in old profit sharing ratioCorrect answer is option 'B'. Can you explain this answer? defined & explained in the simplest way possible. Besides giving the explanation of
Balances of A, B and C sharing profits and losses in proportion to their capitals, stood as A -Rs. 2,00,000; B - Rs. 3,00,000 and C - Rs. 2,00,000; Joint Life Policy Reserve A/c Rs. 80,000 and Joint Life Policy A/c Rs. 80,000. A desired to retire form the firm and the remaining partners decided to carry on in equal ratio, Joint life policy of the partners surrendered and cash obtained Rs. 80,000. What will be the treatment for Joint Life Policy Reserve A/c?a)Cash received credited to Revaluation Accountb)JLP Reserve balance credited to Partner’s Capital Account in old profit sharing ratioc)JLP Reserve balance credited to Partner’s Capital Account in new profit sharing ratiod)Cash received credited to Partners Capital Account in old profit sharing ratioCorrect answer is option 'B'. Can you explain this answer?, a detailed solution for Balances of A, B and C sharing profits and losses in proportion to their capitals, stood as A -Rs. 2,00,000; B - Rs. 3,00,000 and C - Rs. 2,00,000; Joint Life Policy Reserve A/c Rs. 80,000 and Joint Life Policy A/c Rs. 80,000. A desired to retire form the firm and the remaining partners decided to carry on in equal ratio, Joint life policy of the partners surrendered and cash obtained Rs. 80,000. What will be the treatment for Joint Life Policy Reserve A/c?a)Cash received credited to Revaluation Accountb)JLP Reserve balance credited to Partner’s Capital Account in old profit sharing ratioc)JLP Reserve balance credited to Partner’s Capital Account in new profit sharing ratiod)Cash received credited to Partners Capital Account in old profit sharing ratioCorrect answer is option 'B'. Can you explain this answer? has been provided alongside types of Balances of A, B and C sharing profits and losses in proportion to their capitals, stood as A -Rs. 2,00,000; B - Rs. 3,00,000 and C - Rs. 2,00,000; Joint Life Policy Reserve A/c Rs. 80,000 and Joint Life Policy A/c Rs. 80,000. A desired to retire form the firm and the remaining partners decided to carry on in equal ratio, Joint life policy of the partners surrendered and cash obtained Rs. 80,000. What will be the treatment for Joint Life Policy Reserve A/c?a)Cash received credited to Revaluation Accountb)JLP Reserve balance credited to Partner’s Capital Account in old profit sharing ratioc)JLP Reserve balance credited to Partner’s Capital Account in new profit sharing ratiod)Cash received credited to Partners Capital Account in old profit sharing ratioCorrect answer is option 'B'. Can you explain this answer? theory, EduRev gives you an
ample number of questions to practice Balances of A, B and C sharing profits and losses in proportion to their capitals, stood as A -Rs. 2,00,000; B - Rs. 3,00,000 and C - Rs. 2,00,000; Joint Life Policy Reserve A/c Rs. 80,000 and Joint Life Policy A/c Rs. 80,000. A desired to retire form the firm and the remaining partners decided to carry on in equal ratio, Joint life policy of the partners surrendered and cash obtained Rs. 80,000. What will be the treatment for Joint Life Policy Reserve A/c?a)Cash received credited to Revaluation Accountb)JLP Reserve balance credited to Partner’s Capital Account in old profit sharing ratioc)JLP Reserve balance credited to Partner’s Capital Account in new profit sharing ratiod)Cash received credited to Partners Capital Account in old profit sharing ratioCorrect answer is option 'B'. Can you explain this answer? tests, examples and also practice CA Foundation tests.
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