As an assetthe argument for this statement is that the, Ask an Expert

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As an asset

The argument for this statement is that the survivorship policy is an investment because eventually the partnership will receive either the surrender value or the sum assured an thus the premium should not be expensed but carried as an asset.

Relevant entries

DR. Life policy asset account
CR. Cash book

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Financial Accounting, Accounting

Category:- Financial Accounting
Reference No.:- M9516256

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