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J, K and L were equal partners in a firm. The firm has taken individual life policy of Rs. 50,000 for each partner. J died on 5th March 2011. The surrender value was Rs. 2,000 for each policy on the date of death of J. The amount payable to J in respective policies would be _______.
- a)Rs. 17,000
- b)Rs. 18,000
- c)Rs. 50,000
- d)Rs. 54,000
Correct answer is option 'B'. Can you explain this answer?
Most Upvoted Answer
J, K and L were equal partners in a firm. The firm has taken individua...
Calculation of Surrender Value
The surrender value of each policy is given as Rs. 2,000. Therefore, the total surrender value of all policies is:
3 partners x Rs. 2,000 = Rs. 6,000
Calculation of Amount Payable
Since J died, the amount payable to J in each policy is calculated as follows:
Amount Payable = (Sum Assured + Bonus) - Surrender Value
Here, the sum assured is Rs. 50,000 for each policy, but since no information is given about bonus, it can be assumed that there is no bonus.
Therefore, the amount payable to J in each policy is:
Amount Payable = (Rs. 50,000 + 0) - Rs. 2,000
Amount Payable = Rs. 48,000
As J had a policy with a sum assured of Rs. 50,000, the amount payable to J in his policy would be Rs. 48,000.
Since there are 3 partners and each partner has a policy of Rs. 50,000, the total sum assured is Rs. 1,50,000. Therefore, the total amount payable to J's legal heirs would be:
Amount Payable = Rs. 48,000 x 3 = Rs. 1,44,000
However, since J is no longer a partner, his share in the firm is transferred to his legal heirs. Therefore, the total amount payable to J's legal heirs would be reduced by J's share in the firm.
Assuming that the share of J, K, and L in the firm was equal, the share of J would be 1/3. Therefore, the amount payable to J's legal heirs would be:
Amount Payable = Rs. 1,44,000 - (1/3 x Rs. 1,50,000) = Rs. 1,44,000 - Rs. 50,000 = Rs. 94,000
Therefore, the amount payable to J in respective policies would be Rs. 48,000 and the total amount payable to J's legal heirs would be Rs. 94,000, which is option B.
The surrender value of each policy is given as Rs. 2,000. Therefore, the total surrender value of all policies is:
3 partners x Rs. 2,000 = Rs. 6,000
Calculation of Amount Payable
Since J died, the amount payable to J in each policy is calculated as follows:
Amount Payable = (Sum Assured + Bonus) - Surrender Value
Here, the sum assured is Rs. 50,000 for each policy, but since no information is given about bonus, it can be assumed that there is no bonus.
Therefore, the amount payable to J in each policy is:
Amount Payable = (Rs. 50,000 + 0) - Rs. 2,000
Amount Payable = Rs. 48,000
As J had a policy with a sum assured of Rs. 50,000, the amount payable to J in his policy would be Rs. 48,000.
Since there are 3 partners and each partner has a policy of Rs. 50,000, the total sum assured is Rs. 1,50,000. Therefore, the total amount payable to J's legal heirs would be:
Amount Payable = Rs. 48,000 x 3 = Rs. 1,44,000
However, since J is no longer a partner, his share in the firm is transferred to his legal heirs. Therefore, the total amount payable to J's legal heirs would be reduced by J's share in the firm.
Assuming that the share of J, K, and L in the firm was equal, the share of J would be 1/3. Therefore, the amount payable to J's legal heirs would be:
Amount Payable = Rs. 1,44,000 - (1/3 x Rs. 1,50,000) = Rs. 1,44,000 - Rs. 50,000 = Rs. 94,000
Therefore, the amount payable to J in respective policies would be Rs. 48,000 and the total amount payable to J's legal heirs would be Rs. 94,000, which is option B.
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J, K and L were equal partners in a firm. The firm has taken individua...
Total recoverd amount is 54000* and equal partners so 54000÷3= 18000 *50000 recoverd as death and 2000 for other two partners @surender value 50000+(2000)2=54000
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J, K and L were equal partners in a firm. The firm has taken individual life policy of Rs. 50,000 for each partner. J died on 5th March 2011. The surrender value was Rs. 2,000 for each policy on the date of death of J. The amount payable to J in respective policies would be _______.a)Rs. 17,000b)Rs. 18,000c)Rs. 50,000d)Rs. 54,000Correct answer is option 'B'. Can you explain this answer?
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J, K and L were equal partners in a firm. The firm has taken individual life policy of Rs. 50,000 for each partner. J died on 5th March 2011. The surrender value was Rs. 2,000 for each policy on the date of death of J. The amount payable to J in respective policies would be _______.a)Rs. 17,000b)Rs. 18,000c)Rs. 50,000d)Rs. 54,000Correct answer is option 'B'. 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 J, K and L were equal partners in a firm. The firm has taken individual life policy of Rs. 50,000 for each partner. J died on 5th March 2011. The surrender value was Rs. 2,000 for each policy on the date of death of J. The amount payable to J in respective policies would be _______.a)Rs. 17,000b)Rs. 18,000c)Rs. 50,000d)Rs. 54,000Correct answer is option 'B'. 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 J, K and L were equal partners in a firm. The firm has taken individual life policy of Rs. 50,000 for each partner. J died on 5th March 2011. The surrender value was Rs. 2,000 for each policy on the date of death of J. The amount payable to J in respective policies would be _______.a)Rs. 17,000b)Rs. 18,000c)Rs. 50,000d)Rs. 54,000Correct answer is option 'B'. Can you explain this answer?.
J, K and L were equal partners in a firm. The firm has taken individual life policy of Rs. 50,000 for each partner. J died on 5th March 2011. The surrender value was Rs. 2,000 for each policy on the date of death of J. The amount payable to J in respective policies would be _______.a)Rs. 17,000b)Rs. 18,000c)Rs. 50,000d)Rs. 54,000Correct answer is option 'B'. 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 J, K and L were equal partners in a firm. The firm has taken individual life policy of Rs. 50,000 for each partner. J died on 5th March 2011. The surrender value was Rs. 2,000 for each policy on the date of death of J. The amount payable to J in respective policies would be _______.a)Rs. 17,000b)Rs. 18,000c)Rs. 50,000d)Rs. 54,000Correct answer is option 'B'. 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 J, K and L were equal partners in a firm. The firm has taken individual life policy of Rs. 50,000 for each partner. J died on 5th March 2011. The surrender value was Rs. 2,000 for each policy on the date of death of J. The amount payable to J in respective policies would be _______.a)Rs. 17,000b)Rs. 18,000c)Rs. 50,000d)Rs. 54,000Correct answer is option 'B'. Can you explain this answer?.
Solutions for J, K and L were equal partners in a firm. The firm has taken individual life policy of Rs. 50,000 for each partner. J died on 5th March 2011. The surrender value was Rs. 2,000 for each policy on the date of death of J. The amount payable to J in respective policies would be _______.a)Rs. 17,000b)Rs. 18,000c)Rs. 50,000d)Rs. 54,000Correct 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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ample number of questions to practice J, K and L were equal partners in a firm. The firm has taken individual life policy of Rs. 50,000 for each partner. J died on 5th March 2011. The surrender value was Rs. 2,000 for each policy on the date of death of J. The amount payable to J in respective policies would be _______.a)Rs. 17,000b)Rs. 18,000c)Rs. 50,000d)Rs. 54,000Correct answer is option 'B'. Can you explain this answer? tests, examples and also practice CA Foundation tests.
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