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Joint life policy

When partner died after claiming a insurance he is still liable then what there do and what will effect in balance sheet


Jashwanth S

Jashwanth S

CMA Inter

2K+

26-Jun-20 10:45

14

Answers (1)

When a partner dies, the amount received from the insurance company will be credited to the Joint Life Policy Account, the balance on this account is then transferred to the capital accounts of partners (including the deceased partner) in the profit- sharing ratio.


ruchi lahoti

ruchi lahoti

Moderator

26-Jun-20 13:21