Page 1 Partnership Accounts Joint Life Policy (JLP) CPT Section A Fundamentals of Accountancy Chapter 8 Unit-4&5 Prof. Deepak Jaggi Page 2 Partnership Accounts Joint Life Policy (JLP) CPT Section A Fundamentals of Accountancy Chapter 8 Unit-4&5 Prof. Deepak Jaggi Learning Objectives (1) Understand the meaning of JLP (2) Understand the Implication of Excess Money Received on Death of a Partner from JLP (3) Understand the meaning of Surrender Value (4) To Lay a foundation of accounting treatment of various Methods Page 3 Partnership Accounts Joint Life Policy (JLP) CPT Section A Fundamentals of Accountancy Chapter 8 Unit-4&5 Prof. Deepak Jaggi Learning Objectives (1) Understand the meaning of JLP (2) Understand the Implication of Excess Money Received on Death of a Partner from JLP (3) Understand the meaning of Surrender Value (4) To Lay a foundation of accounting treatment of various Methods Joint Life Policy (JLP) Joint Life Policy is a policy taken in the joint names of all the partners The premium of this policy is paid by the firm Contd…. Page 4 Partnership Accounts Joint Life Policy (JLP) CPT Section A Fundamentals of Accountancy Chapter 8 Unit-4&5 Prof. Deepak Jaggi Learning Objectives (1) Understand the meaning of JLP (2) Understand the Implication of Excess Money Received on Death of a Partner from JLP (3) Understand the meaning of Surrender Value (4) To Lay a foundation of accounting treatment of various Methods Joint Life Policy (JLP) Joint Life Policy is a policy taken in the joint names of all the partners The premium of this policy is paid by the firm Contd…. Joint Life Policy (JLP) Whenever any of the partner dies, the policy comes to an end and amount is received by the firm Policy amount including the bonus, if any belongs to the entire firm and not only to the deceased partner Page 5 Partnership Accounts Joint Life Policy (JLP) CPT Section A Fundamentals of Accountancy Chapter 8 Unit-4&5 Prof. Deepak Jaggi Learning Objectives (1) Understand the meaning of JLP (2) Understand the Implication of Excess Money Received on Death of a Partner from JLP (3) Understand the meaning of Surrender Value (4) To Lay a foundation of accounting treatment of various Methods Joint Life Policy (JLP) Joint Life Policy is a policy taken in the joint names of all the partners The premium of this policy is paid by the firm Contd…. Joint Life Policy (JLP) Whenever any of the partner dies, the policy comes to an end and amount is received by the firm Policy amount including the bonus, if any belongs to the entire firm and not only to the deceased partner Methods of Accounting Method 1 :- When Premium paid is treated as an expenses Method 2: When premium paid is treated as an asset Method 3: When premium paid is treated as an asset and JLP reserve createdRead More
![]() |
Use Code STAYHOME200 and get INR 200 additional OFF
|
Use Coupon Code |
62 videos|81 docs|68 tests
|