CA CPT Model Test Paper 5 with solutions for online practice

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Question : 86 of 200

Marks: +1, -0

Premium paid by a partnership firm on the Joint Life Policy (JLP) of partners is:

Debited to capital accounts of each partner
Credited to capital accounts of each partner
Debited to the profit & loss account of the firm
Credited to the profit & loss account of the firm

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