Partnership : death of a partner

Avatar 37a3bd7bc7328f0ead2c0f6f635dddf60615e676e6b4ddf964144012e529de45 Student CA asked almost 2 years ago

A B C are the partners sharing profit and losses in the ratio 2:1:1. Firm has a joint life policy of rs. 120000 and in the b/s it is appearing in the surrender value i.e Rs 20000. On the death of A how JLP will be shared among partners.

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5 Answers
Avatar 37a3bd7bc7328f0ead2c0f6f635dddf60615e676e6b4ddf964144012e529de45 Student CA answered almost 2 years ago

??

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Avatar 37a3bd7bc7328f0ead2c0f6f635dddf60615e676e6b4ddf964144012e529de45 Student CA answered almost 2 years ago

Ty

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Avatar 37a3bd7bc7328f0ead2c0f6f635dddf60615e676e6b4ddf964144012e529de45 Tutor CA answered almost 2 years ago

So it's 50000 for A, 25000 for B and 25000 for C

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Avatar 37a3bd7bc7328f0ead2c0f6f635dddf60615e676e6b4ddf964144012e529de45 Tutor CA answered almost 2 years ago

Then divide the sum of 100000 in Profit Sharing Ratio

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Avatar 37a3bd7bc7328f0ead2c0f6f635dddf60615e676e6b4ddf964144012e529de45 Tutor CA answered almost 2 years ago

Firstly deduct 2000 from 120000 which makes it to 100000

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