CA Foundation Exam  >  CA Foundation Questions  >  All of the following except one is the method... Start Learning for Free
All of the following except one is the method of recording joint life Policy
  • a)
    Premium paid charged to revenue
  • b)
    JLP Account maintained at the surrender value
  • c)
    JLP Account maintained at the surrender value along with the Reserve
  • d)
    Surrender value distributed among the partners in the partners in the profit sharing ratio
Correct answer is option 'D'. Can you explain this answer?
Most Upvoted Answer
All of the following except one is the method of recording joint life ...
Recording Joint Life Policy:

Methods of Recording:
- Premium paid charged to revenue
- JLP Account maintained at the surrender value
- JLP Account maintained at the surrender value along with the Reserve

Explanation:
When recording a joint life policy, the premium paid can be charged to revenue. This means that the premium paid for the policy is treated as an expense in the income statement.
Another method is to maintain a Joint Life Policy (JLP) account at the surrender value. This allows for the tracking of the policy's value separate from other accounts.
Additionally, the JLP account can be maintained at the surrender value along with a reserve. This reserve can help account for any potential fluctuations in the policy's value over time.

Incorrect Option:
- Surrender value distributed among the partners in the profit sharing ratio
This option is incorrect because the surrender value of a joint life policy is typically not distributed among the partners in a profit-sharing ratio. The surrender value is usually used to determine the value of the policy if it is surrendered before maturity, rather than being distributed among partners.
Explore Courses for CA Foundation exam
All of the following except one is the method of recording joint life Policya)Premium paid charged to revenueb)JLP Account maintained at the surrender valuec)JLP Account maintained at the surrender value along with the Reserved)Surrender value distributed among the partners in the partners in the profit sharing ratioCorrect answer is option 'D'. Can you explain this answer?
Question Description
All of the following except one is the method of recording joint life Policya)Premium paid charged to revenueb)JLP Account maintained at the surrender valuec)JLP Account maintained at the surrender value along with the Reserved)Surrender value distributed among the partners in the partners in the profit sharing ratioCorrect answer is option 'D'. 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 All of the following except one is the method of recording joint life Policya)Premium paid charged to revenueb)JLP Account maintained at the surrender valuec)JLP Account maintained at the surrender value along with the Reserved)Surrender value distributed among the partners in the partners in the profit sharing ratioCorrect answer is option 'D'. 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 All of the following except one is the method of recording joint life Policya)Premium paid charged to revenueb)JLP Account maintained at the surrender valuec)JLP Account maintained at the surrender value along with the Reserved)Surrender value distributed among the partners in the partners in the profit sharing ratioCorrect answer is option 'D'. Can you explain this answer?.
Solutions for All of the following except one is the method of recording joint life Policya)Premium paid charged to revenueb)JLP Account maintained at the surrender valuec)JLP Account maintained at the surrender value along with the Reserved)Surrender value distributed among the partners in the partners in the profit sharing ratioCorrect answer is option 'D'. Can you explain this answer? in English & in Hindi are available as part of our courses for CA Foundation. Download more important topics, notes, lectures and mock test series for CA Foundation Exam by signing up for free.
Here you can find the meaning of All of the following except one is the method of recording joint life Policya)Premium paid charged to revenueb)JLP Account maintained at the surrender valuec)JLP Account maintained at the surrender value along with the Reserved)Surrender value distributed among the partners in the partners in the profit sharing ratioCorrect answer is option 'D'. Can you explain this answer? defined & explained in the simplest way possible. Besides giving the explanation of All of the following except one is the method of recording joint life Policya)Premium paid charged to revenueb)JLP Account maintained at the surrender valuec)JLP Account maintained at the surrender value along with the Reserved)Surrender value distributed among the partners in the partners in the profit sharing ratioCorrect answer is option 'D'. Can you explain this answer?, a detailed solution for All of the following except one is the method of recording joint life Policya)Premium paid charged to revenueb)JLP Account maintained at the surrender valuec)JLP Account maintained at the surrender value along with the Reserved)Surrender value distributed among the partners in the partners in the profit sharing ratioCorrect answer is option 'D'. Can you explain this answer? has been provided alongside types of All of the following except one is the method of recording joint life Policya)Premium paid charged to revenueb)JLP Account maintained at the surrender valuec)JLP Account maintained at the surrender value along with the Reserved)Surrender value distributed among the partners in the partners in the profit sharing ratioCorrect answer is option 'D'. Can you explain this answer? theory, EduRev gives you an ample number of questions to practice All of the following except one is the method of recording joint life Policya)Premium paid charged to revenueb)JLP Account maintained at the surrender valuec)JLP Account maintained at the surrender value along with the Reserved)Surrender value distributed among the partners in the partners in the profit sharing ratioCorrect answer is option 'D'. Can you explain this answer? tests, examples and also practice CA Foundation tests.
Explore Courses for CA Foundation exam

Top Courses for CA Foundation

Explore Courses
Signup for Free!
Signup to see your scores go up within 7 days! Learn & Practice with 1000+ FREE Notes, Videos & Tests.
10M+ students study on EduRev