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A,B and C were sharing profit and losses in the ratio of 5:3:2. The firm had insured the partner's lives severally. The surrender value of the life policies appearing in the Balance Sheet as at 10th Nov.,2004 were: A- 40,000$ B- 32,000$ C-24,000$ The surrender values represents 40% of the sum assured in each case. A dies on this date. b and C decide to share future profits and losses in the ratio of 2:1.Give Neccessary journal entries.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9966197

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