if joint life policy is taken individually suppose A: 20000 B: 50000 C: 60000 and c died on 1st march.2009. surrender value of each is 30% . How much will each partner get towards j/l/p . what is the benefit of taking the policy individually ( severely) over jointly since in this case if the policy amounting to rs 130000 would have been taken then the maturity value would be 130000 then why policy is taken individually. also show the accounting treatment (entries) if the firm treats j/l/p as expense.
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