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X, Y, Z are partners sharing profits and losses equally. They took a joint life policy of Rs. 5,00,000 with a surrender value of Rs. 3,00,000. The firm treats the insurance premium as an expense. Y retired and X and Z decided to share profits and losses in 2:1. The amount of Joint life policy will be transferred as:
- a)Credited to X, Y and Z’s Capital accounts with Rs. 1,00,000 each
- b)Credited to X, Y and Z’s capital accounts with Rs. 1,66,667 each
- c)Credited to X, and Z capital accounts with Rs. 2,50,000 each
- d)Credited to Y’s capital account with Rs. 3,00,000 each
Correct answer is option 'A'. Can you explain this answer?
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X, Y, Z are partners sharing profits and losses equally. They took a j...
's capital accounts in their profit sharing ratio
b) Credited to Y's capital account
c) Credited to X and Z's capital accounts in their new profit sharing ratio
d) Debited to the firm's profit and loss account
The correct answer is c) Credited to X and Z's capital accounts in their new profit sharing ratio.
When Y retired, the partnership was dissolved and a new partnership was formed between X and Z in a new profit sharing ratio of 2:1. As per the dissolution of the old partnership, the joint life policy will be surrendered and the surrender value will be credited to X and Z's capital accounts in their new profit sharing ratio. This is because the policy was taken for the benefit of the partnership and not for any individual partner. The premium paid for the policy was treated as an expense of the firm and not as a personal expense of any partner. Therefore, the surrender value of the policy will be distributed among the remaining partners in their new profit sharing ratio.
b) Credited to Y's capital account
c) Credited to X and Z's capital accounts in their new profit sharing ratio
d) Debited to the firm's profit and loss account
The correct answer is c) Credited to X and Z's capital accounts in their new profit sharing ratio.
When Y retired, the partnership was dissolved and a new partnership was formed between X and Z in a new profit sharing ratio of 2:1. As per the dissolution of the old partnership, the joint life policy will be surrendered and the surrender value will be credited to X and Z's capital accounts in their new profit sharing ratio. This is because the policy was taken for the benefit of the partnership and not for any individual partner. The premium paid for the policy was treated as an expense of the firm and not as a personal expense of any partner. Therefore, the surrender value of the policy will be distributed among the remaining partners in their new profit sharing ratio.
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X, Y, Z are partners sharing profits and losses equally. They took a joint life policy of Rs. 5,00,000 with a surrender value of Rs. 3,00,000. The firm treats the insurance premium as an expense. Y retired and X and Z decided to share profits and losses in 2:1. The amount of Joint life policy will be transferred as:a)Credited to X, Y and Z’s Capital accounts with Rs. 1,00,000 eachb)Credited to X, Y and Z’s capital accounts with Rs. 1,66,667 eachc)Credited to X, and Z capital accounts with Rs. 2,50,000 eachd)Credited to Y’s capital account with Rs. 3,00,000 eachCorrect answer is option 'A'. Can you explain this answer?
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X, Y, Z are partners sharing profits and losses equally. They took a joint life policy of Rs. 5,00,000 with a surrender value of Rs. 3,00,000. The firm treats the insurance premium as an expense. Y retired and X and Z decided to share profits and losses in 2:1. The amount of Joint life policy will be transferred as:a)Credited to X, Y and Z’s Capital accounts with Rs. 1,00,000 eachb)Credited to X, Y and Z’s capital accounts with Rs. 1,66,667 eachc)Credited to X, and Z capital accounts with Rs. 2,50,000 eachd)Credited to Y’s capital account with Rs. 3,00,000 eachCorrect answer is option 'A'. 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 X, Y, Z are partners sharing profits and losses equally. They took a joint life policy of Rs. 5,00,000 with a surrender value of Rs. 3,00,000. The firm treats the insurance premium as an expense. Y retired and X and Z decided to share profits and losses in 2:1. The amount of Joint life policy will be transferred as:a)Credited to X, Y and Z’s Capital accounts with Rs. 1,00,000 eachb)Credited to X, Y and Z’s capital accounts with Rs. 1,66,667 eachc)Credited to X, and Z capital accounts with Rs. 2,50,000 eachd)Credited to Y’s capital account with Rs. 3,00,000 eachCorrect answer is option 'A'. 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 X, Y, Z are partners sharing profits and losses equally. They took a joint life policy of Rs. 5,00,000 with a surrender value of Rs. 3,00,000. The firm treats the insurance premium as an expense. Y retired and X and Z decided to share profits and losses in 2:1. The amount of Joint life policy will be transferred as:a)Credited to X, Y and Z’s Capital accounts with Rs. 1,00,000 eachb)Credited to X, Y and Z’s capital accounts with Rs. 1,66,667 eachc)Credited to X, and Z capital accounts with Rs. 2,50,000 eachd)Credited to Y’s capital account with Rs. 3,00,000 eachCorrect answer is option 'A'. Can you explain this answer?.
X, Y, Z are partners sharing profits and losses equally. They took a joint life policy of Rs. 5,00,000 with a surrender value of Rs. 3,00,000. The firm treats the insurance premium as an expense. Y retired and X and Z decided to share profits and losses in 2:1. The amount of Joint life policy will be transferred as:a)Credited to X, Y and Z’s Capital accounts with Rs. 1,00,000 eachb)Credited to X, Y and Z’s capital accounts with Rs. 1,66,667 eachc)Credited to X, and Z capital accounts with Rs. 2,50,000 eachd)Credited to Y’s capital account with Rs. 3,00,000 eachCorrect answer is option 'A'. 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 X, Y, Z are partners sharing profits and losses equally. They took a joint life policy of Rs. 5,00,000 with a surrender value of Rs. 3,00,000. The firm treats the insurance premium as an expense. Y retired and X and Z decided to share profits and losses in 2:1. The amount of Joint life policy will be transferred as:a)Credited to X, Y and Z’s Capital accounts with Rs. 1,00,000 eachb)Credited to X, Y and Z’s capital accounts with Rs. 1,66,667 eachc)Credited to X, and Z capital accounts with Rs. 2,50,000 eachd)Credited to Y’s capital account with Rs. 3,00,000 eachCorrect answer is option 'A'. 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 X, Y, Z are partners sharing profits and losses equally. They took a joint life policy of Rs. 5,00,000 with a surrender value of Rs. 3,00,000. The firm treats the insurance premium as an expense. Y retired and X and Z decided to share profits and losses in 2:1. The amount of Joint life policy will be transferred as:a)Credited to X, Y and Z’s Capital accounts with Rs. 1,00,000 eachb)Credited to X, Y and Z’s capital accounts with Rs. 1,66,667 eachc)Credited to X, and Z capital accounts with Rs. 2,50,000 eachd)Credited to Y’s capital account with Rs. 3,00,000 eachCorrect answer is option 'A'. Can you explain this answer?.
Solutions for X, Y, Z are partners sharing profits and losses equally. They took a joint life policy of Rs. 5,00,000 with a surrender value of Rs. 3,00,000. The firm treats the insurance premium as an expense. Y retired and X and Z decided to share profits and losses in 2:1. The amount of Joint life policy will be transferred as:a)Credited to X, Y and Z’s Capital accounts with Rs. 1,00,000 eachb)Credited to X, Y and Z’s capital accounts with Rs. 1,66,667 eachc)Credited to X, and Z capital accounts with Rs. 2,50,000 eachd)Credited to Y’s capital account with Rs. 3,00,000 eachCorrect answer is option 'A'. 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 X, Y, Z are partners sharing profits and losses equally. They took a joint life policy of Rs. 5,00,000 with a surrender value of Rs. 3,00,000. The firm treats the insurance premium as an expense. Y retired and X and Z decided to share profits and losses in 2:1. The amount of Joint life policy will be transferred as:a)Credited to X, Y and Z’s Capital accounts with Rs. 1,00,000 eachb)Credited to X, Y and Z’s capital accounts with Rs. 1,66,667 eachc)Credited to X, and Z capital accounts with Rs. 2,50,000 eachd)Credited to Y’s capital account with Rs. 3,00,000 eachCorrect answer is option 'A'. Can you explain this answer? defined & explained in the simplest way possible. Besides giving the explanation of
X, Y, Z are partners sharing profits and losses equally. They took a joint life policy of Rs. 5,00,000 with a surrender value of Rs. 3,00,000. The firm treats the insurance premium as an expense. Y retired and X and Z decided to share profits and losses in 2:1. The amount of Joint life policy will be transferred as:a)Credited to X, Y and Z’s Capital accounts with Rs. 1,00,000 eachb)Credited to X, Y and Z’s capital accounts with Rs. 1,66,667 eachc)Credited to X, and Z capital accounts with Rs. 2,50,000 eachd)Credited to Y’s capital account with Rs. 3,00,000 eachCorrect answer is option 'A'. Can you explain this answer?, a detailed solution for X, Y, Z are partners sharing profits and losses equally. They took a joint life policy of Rs. 5,00,000 with a surrender value of Rs. 3,00,000. The firm treats the insurance premium as an expense. Y retired and X and Z decided to share profits and losses in 2:1. The amount of Joint life policy will be transferred as:a)Credited to X, Y and Z’s Capital accounts with Rs. 1,00,000 eachb)Credited to X, Y and Z’s capital accounts with Rs. 1,66,667 eachc)Credited to X, and Z capital accounts with Rs. 2,50,000 eachd)Credited to Y’s capital account with Rs. 3,00,000 eachCorrect answer is option 'A'. Can you explain this answer? has been provided alongside types of X, Y, Z are partners sharing profits and losses equally. They took a joint life policy of Rs. 5,00,000 with a surrender value of Rs. 3,00,000. The firm treats the insurance premium as an expense. Y retired and X and Z decided to share profits and losses in 2:1. The amount of Joint life policy will be transferred as:a)Credited to X, Y and Z’s Capital accounts with Rs. 1,00,000 eachb)Credited to X, Y and Z’s capital accounts with Rs. 1,66,667 eachc)Credited to X, and Z capital accounts with Rs. 2,50,000 eachd)Credited to Y’s capital account with Rs. 3,00,000 eachCorrect answer is option 'A'. Can you explain this answer? theory, EduRev gives you an
ample number of questions to practice X, Y, Z are partners sharing profits and losses equally. They took a joint life policy of Rs. 5,00,000 with a surrender value of Rs. 3,00,000. The firm treats the insurance premium as an expense. Y retired and X and Z decided to share profits and losses in 2:1. The amount of Joint life policy will be transferred as:a)Credited to X, Y and Z’s Capital accounts with Rs. 1,00,000 eachb)Credited to X, Y and Z’s capital accounts with Rs. 1,66,667 eachc)Credited to X, and Z capital accounts with Rs. 2,50,000 eachd)Credited to Y’s capital account with Rs. 3,00,000 eachCorrect answer is option 'A'. Can you explain this answer? tests, examples and also practice CA Foundation tests.
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