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Partnership accounts. Joint life policy

Accountancy

Please say where I did wrong JLP realised for 26000.I distributed 26000 But they distributed only 6000(26000-20000{shown in books}).why did they done like that

Sairam Reddy

CA Final

★ 10K+

09-Sep-21 10:30

682

Answers (7)

Best Answer

20,000 is already lying as asset. The excess on realisation is Rs. 6,000. If 20,000 was not shown as asset but treated as expense than entire 26,000 would have been credited.

CA Suraj Lakhotia

Admin

10-Sep-21 11:54

Thank you sir

Thread Starter

Sairam Reddy

CA Final

★ 10K+

10-Sep-21 20:08

CA Suraj Lakhotia Admin

20,000 is already lying as asset. The excess on realisation is Rs. 6,000. If 20,000 was not shown as asset but treated as expense than entire 26,000 would have been credited.

Thanks for this sir I still remembered till and wrote well

Thread Starter

Sairam Reddy

CA Final

★ 10K+

11-Nov-22 21:09

Happy that it helped you after a year!

CA Suraj Lakhotia

Admin

11-Nov-22 21:19

And glad that you remembered and took time to respond back

CA Suraj Lakhotia

Admin

11-Nov-22 21:22

CA Suraj Lakhotia Admin

Happy that it helped you after a year!

Because of articles i am forced to skip exams sir That's why it became so late

Thread Starter

Sairam Reddy

CA Final

★ 10K+

11-Nov-22 21:36

CA Suraj Lakhotia Admin

And glad that you remembered and took time to respond back

I will say thanks at Hyderabad meet sir

Thread Starter

Sairam Reddy

CA Final

★ 10K+

11-Nov-22 21:37