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A, B and C are partners sharing profits in the ratio of 3:2:1. They had a Joint Life Policy of Rs. 3,00,000. Surrender value of JLP in Balance Sheet is Rs. 90,000. C dies. What is share of each partner in JLP?
- a)Rs. 1,05,000; Rs. 70,000; Rs. 35,000
- b)Rs. 45,000; Rs. 30,000; Rs. 15,000
- c)Rs. 1,50,000; Rs. 1,00,000; Rs. 50,000
- d)Rs. 1,95,000; Rs. 1,30,000; Rs. 65,000
Correct answer is option 'A'. Can you explain this answer?
Verified Answer
A, B and C are partners sharing profits in the ratio of 3:2:1. They ha...
If Joint Life Policy appears in the Balance Sheet at surrender value, then the firm will gain on the death of a partner and partners will get
policy amount - Surrender value i.e., in their profit sharing ratio
Rs. 3,00,000 - Rs. 90,000 = Rs. 2,10,000
Distribution of JLP among the partners is :
A = 2,10,000 * (3/6) = 105000
B = 2,10,000 * (2/6) = 70000
C = 2,10,000 * (1/6) = 35000
policy amount - Surrender value i.e., in their profit sharing ratio
Rs. 3,00,000 - Rs. 90,000 = Rs. 2,10,000
Distribution of JLP among the partners is :
A = 2,10,000 * (3/6) = 105000
B = 2,10,000 * (2/6) = 70000
C = 2,10,000 * (1/6) = 35000
Most Upvoted Answer
A, B and C are partners sharing profits in the ratio of 3:2:1. They ha...
Given:
- A, B, and C are partners sharing profits in the ratio of 3:2:1.
- They had a Joint Life Policy (JLP) of Rs. 3,00,000.
- Surrender value of JLP in Balance Sheet is Rs. 90,000.
- C dies.
To find: Share of each partner in JLP.
Calculation:
1. Calculate the total profit-sharing ratio:
- The total profit-sharing ratio is 3+2+1 = 6.
2. Determine the share of each partner in JLP:
- Multiply the surrender value of JLP by the individual partner's profit-sharing ratio to find their share.
- For partner A: (3/6) x Rs. 90,000 = Rs. 45,000
- For partner B: (2/6) x Rs. 90,000 = Rs. 30,000
- For partner C: (1/6) x Rs. 90,000 = Rs. 15,000
Therefore, the share of each partner in JLP is:
- Partner A: Rs. 45,000
- Partner B: Rs. 30,000
- Partner C: Rs. 15,000
Hence, the correct answer is option 'A': Rs. 1,05,000; Rs. 70,000; Rs. 35,000.
- A, B, and C are partners sharing profits in the ratio of 3:2:1.
- They had a Joint Life Policy (JLP) of Rs. 3,00,000.
- Surrender value of JLP in Balance Sheet is Rs. 90,000.
- C dies.
To find: Share of each partner in JLP.
Calculation:
1. Calculate the total profit-sharing ratio:
- The total profit-sharing ratio is 3+2+1 = 6.
2. Determine the share of each partner in JLP:
- Multiply the surrender value of JLP by the individual partner's profit-sharing ratio to find their share.
- For partner A: (3/6) x Rs. 90,000 = Rs. 45,000
- For partner B: (2/6) x Rs. 90,000 = Rs. 30,000
- For partner C: (1/6) x Rs. 90,000 = Rs. 15,000
Therefore, the share of each partner in JLP is:
- Partner A: Rs. 45,000
- Partner B: Rs. 30,000
- Partner C: Rs. 15,000
Hence, the correct answer is option 'A': Rs. 1,05,000; Rs. 70,000; Rs. 35,000.
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A, B and C are partners sharing profits in the ratio of 3:2:1. They had a Joint Life Policy of Rs. 3,00,000. Surrender value of JLP in Balance Sheet is Rs. 90,000. C dies. What is share of each partner in JLP?a)Rs. 1,05,000; Rs. 70,000; Rs. 35,000b)Rs. 45,000; Rs. 30,000; Rs. 15,000c)Rs. 1,50,000; Rs. 1,00,000; Rs. 50,000d)Rs. 1,95,000; Rs. 1,30,000; Rs. 65,000Correct answer is option 'A'. Can you explain this answer?
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A, B and C are partners sharing profits in the ratio of 3:2:1. They had a Joint Life Policy of Rs. 3,00,000. Surrender value of JLP in Balance Sheet is Rs. 90,000. C dies. What is share of each partner in JLP?a)Rs. 1,05,000; Rs. 70,000; Rs. 35,000b)Rs. 45,000; Rs. 30,000; Rs. 15,000c)Rs. 1,50,000; Rs. 1,00,000; Rs. 50,000d)Rs. 1,95,000; Rs. 1,30,000; Rs. 65,000Correct answer is option 'A'. Can you explain this answer? for CA Foundation 2025 is part of CA Foundation preparation. The Question and answers have been prepared according to the CA Foundation exam syllabus. Information about A, B and C are partners sharing profits in the ratio of 3:2:1. They had a Joint Life Policy of Rs. 3,00,000. Surrender value of JLP in Balance Sheet is Rs. 90,000. C dies. What is share of each partner in JLP?a)Rs. 1,05,000; Rs. 70,000; Rs. 35,000b)Rs. 45,000; Rs. 30,000; Rs. 15,000c)Rs. 1,50,000; Rs. 1,00,000; Rs. 50,000d)Rs. 1,95,000; Rs. 1,30,000; Rs. 65,000Correct answer is option 'A'. Can you explain this answer? covers all topics & solutions for CA Foundation 2025 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for A, B and C are partners sharing profits in the ratio of 3:2:1. They had a Joint Life Policy of Rs. 3,00,000. Surrender value of JLP in Balance Sheet is Rs. 90,000. C dies. What is share of each partner in JLP?a)Rs. 1,05,000; Rs. 70,000; Rs. 35,000b)Rs. 45,000; Rs. 30,000; Rs. 15,000c)Rs. 1,50,000; Rs. 1,00,000; Rs. 50,000d)Rs. 1,95,000; Rs. 1,30,000; Rs. 65,000Correct answer is option 'A'. Can you explain this answer?.
A, B and C are partners sharing profits in the ratio of 3:2:1. They had a Joint Life Policy of Rs. 3,00,000. Surrender value of JLP in Balance Sheet is Rs. 90,000. C dies. What is share of each partner in JLP?a)Rs. 1,05,000; Rs. 70,000; Rs. 35,000b)Rs. 45,000; Rs. 30,000; Rs. 15,000c)Rs. 1,50,000; Rs. 1,00,000; Rs. 50,000d)Rs. 1,95,000; Rs. 1,30,000; Rs. 65,000Correct answer is option 'A'. Can you explain this answer? for CA Foundation 2025 is part of CA Foundation preparation. The Question and answers have been prepared according to the CA Foundation exam syllabus. Information about A, B and C are partners sharing profits in the ratio of 3:2:1. They had a Joint Life Policy of Rs. 3,00,000. Surrender value of JLP in Balance Sheet is Rs. 90,000. C dies. What is share of each partner in JLP?a)Rs. 1,05,000; Rs. 70,000; Rs. 35,000b)Rs. 45,000; Rs. 30,000; Rs. 15,000c)Rs. 1,50,000; Rs. 1,00,000; Rs. 50,000d)Rs. 1,95,000; Rs. 1,30,000; Rs. 65,000Correct answer is option 'A'. Can you explain this answer? covers all topics & solutions for CA Foundation 2025 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for A, B and C are partners sharing profits in the ratio of 3:2:1. They had a Joint Life Policy of Rs. 3,00,000. Surrender value of JLP in Balance Sheet is Rs. 90,000. C dies. What is share of each partner in JLP?a)Rs. 1,05,000; Rs. 70,000; Rs. 35,000b)Rs. 45,000; Rs. 30,000; Rs. 15,000c)Rs. 1,50,000; Rs. 1,00,000; Rs. 50,000d)Rs. 1,95,000; Rs. 1,30,000; Rs. 65,000Correct answer is option 'A'. Can you explain this answer?.
Solutions for A, B and C are partners sharing profits in the ratio of 3:2:1. They had a Joint Life Policy of Rs. 3,00,000. Surrender value of JLP in Balance Sheet is Rs. 90,000. C dies. What is share of each partner in JLP?a)Rs. 1,05,000; Rs. 70,000; Rs. 35,000b)Rs. 45,000; Rs. 30,000; Rs. 15,000c)Rs. 1,50,000; Rs. 1,00,000; Rs. 50,000d)Rs. 1,95,000; Rs. 1,30,000; Rs. 65,000Correct 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 A, B and C are partners sharing profits in the ratio of 3:2:1. They had a Joint Life Policy of Rs. 3,00,000. Surrender value of JLP in Balance Sheet is Rs. 90,000. C dies. What is share of each partner in JLP?a)Rs. 1,05,000; Rs. 70,000; Rs. 35,000b)Rs. 45,000; Rs. 30,000; Rs. 15,000c)Rs. 1,50,000; Rs. 1,00,000; Rs. 50,000d)Rs. 1,95,000; Rs. 1,30,000; Rs. 65,000Correct answer is option 'A'. Can you explain this answer? defined & explained in the simplest way possible. Besides giving the explanation of
A, B and C are partners sharing profits in the ratio of 3:2:1. They had a Joint Life Policy of Rs. 3,00,000. Surrender value of JLP in Balance Sheet is Rs. 90,000. C dies. What is share of each partner in JLP?a)Rs. 1,05,000; Rs. 70,000; Rs. 35,000b)Rs. 45,000; Rs. 30,000; Rs. 15,000c)Rs. 1,50,000; Rs. 1,00,000; Rs. 50,000d)Rs. 1,95,000; Rs. 1,30,000; Rs. 65,000Correct answer is option 'A'. Can you explain this answer?, a detailed solution for A, B and C are partners sharing profits in the ratio of 3:2:1. They had a Joint Life Policy of Rs. 3,00,000. Surrender value of JLP in Balance Sheet is Rs. 90,000. C dies. What is share of each partner in JLP?a)Rs. 1,05,000; Rs. 70,000; Rs. 35,000b)Rs. 45,000; Rs. 30,000; Rs. 15,000c)Rs. 1,50,000; Rs. 1,00,000; Rs. 50,000d)Rs. 1,95,000; Rs. 1,30,000; Rs. 65,000Correct answer is option 'A'. Can you explain this answer? has been provided alongside types of A, B and C are partners sharing profits in the ratio of 3:2:1. They had a Joint Life Policy of Rs. 3,00,000. Surrender value of JLP in Balance Sheet is Rs. 90,000. C dies. What is share of each partner in JLP?a)Rs. 1,05,000; Rs. 70,000; Rs. 35,000b)Rs. 45,000; Rs. 30,000; Rs. 15,000c)Rs. 1,50,000; Rs. 1,00,000; Rs. 50,000d)Rs. 1,95,000; Rs. 1,30,000; Rs. 65,000Correct answer is option 'A'. Can you explain this answer? theory, EduRev gives you an
ample number of questions to practice A, B and C are partners sharing profits in the ratio of 3:2:1. They had a Joint Life Policy of Rs. 3,00,000. Surrender value of JLP in Balance Sheet is Rs. 90,000. C dies. What is share of each partner in JLP?a)Rs. 1,05,000; Rs. 70,000; Rs. 35,000b)Rs. 45,000; Rs. 30,000; Rs. 15,000c)Rs. 1,50,000; Rs. 1,00,000; Rs. 50,000d)Rs. 1,95,000; Rs. 1,30,000; Rs. 65,000Correct answer is option 'A'. Can you explain this answer? tests, examples and also practice CA Foundation tests.
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