Any, Tom & Bob are partners in the ratio of 2:2:1. Tom dies in Feb, 2014. They have taken life insurance policies, the premiums of which are debited to P & L a/c. Partners Policy value Surrender value Any 4,00,000 40,000 Tom 7,00,000 70,000 Bob 5,00,000 50,000 How much amount is paid to the legal representatives of Tom?

Correct Answer is : Rs.3,16,000

CA CPT 2014 Dec Question Paper Fundamentals of Accounting for online practice

Question : 45 of 59

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Any, Tom & Bob are partners in the ratio of 2:2:1. Tom dies in Feb, 2014. They have taken life insurance policies, the premiums of which are debited to P & L a/c.

Partners	Policy value	Surrender value
Any	4,00,000	40,000
Tom	7,00,000	70,000
Bob	5,00,000	50,000

How much amount is paid to the legal representatives of Tom?

Rs.7,90,000
Rs.2,80,000
Rs.3,16,000
Rs.7,00,000

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