CA CPT Model Test Paper 1 with solutions for online practice
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Question : 60 of 201
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A, B and C share Profit & Loss in the ratio of 5:3:2. They took joint Life Policy in 2007 for Rs. 50,000. A premium of Rs. 3,000 paid annually on 10th June. Surrender value of Policy on 31st December of various year was as follows:
2007 - Nil
2008 - 900
2009 - 2000
2010 - 3600
The amount to be charged to P & L in 2009 and Balance of JLP to be carry forward in 2010 will be:
2007 - Nil
2008 - 900
2009 - 2000
2010 - 3600
The amount to be charged to P & L in 2009 and Balance of JLP to be carry forward in 2010 will be:
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