IndigoLearn

Forums

Query related to Joint Life Policy (partnership firm, dissolution)

How to treat â?¢ JLP Reserve (which appears on Liability side) â?¢ JLP (asset side) â?¢ JLP "surrendered" given in additional info Through Realisation and/or Partner's Capital Accounts? See attached for Q.

Attachments

20201104_151925.jpg


Kumarjit Dey

Kumarjit Dey

CA Inter

4K+

04-Nov-20 15:19

36

Answers (1)

Two approaches. 1. Transfer both reserve and policy to realisation and give credit to the amoutn collected/received from the policy. 2. Transfer reserve to partners capital account directly. Transfer JLP to realisation and give credit for amount received.


Suraj Lakhotia

Suraj Lakhotia

Admin

04-Nov-20 17:11

CA Inter Special Offer
CA Foundation Spl Offer
Inter Testimonials
Testimonials CA Foundation July 21