CA CPT June 2019 Question Paper Fundamentals of Accounting for online practice

X, Y and Z take a joint life policy. Their profit sharing ratio is 2:2:1. died. X and Z decide to share profits equally. They had taken a Joint life policy of Rs.2,50,000 with the surrender value Rs.50,000. What will be the treatment in the partner's capital account on recelving the JLP amount, if joint life policy is maintained at surrender value along with the reserve?