Class/Course - CA - CPC

Subject - Fundamentals of Accounting

Chapter - Death of a Partner

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Q.1 J, K and L were equal partners in a firm. The firm has taken individual life policy of Rs. 50,000 for each partner. J died on 5th March 2011. The surrender value was Rs. 2,000 for each policy on the date of death of J. The amount payable to J in respective policies would be _______.
  Rs. 17,000
  Rs. 18,000
  Rs. 50,000
  Rs. 54,000