plz explain the treatment/effect of following adjustment when a partner is retiring from the firm.:
amount of insurance which was debited entirely to profit and loss account Rs.1,292 be carried forward as unexpired insurance.

Dear Student,

The answer posted by R C Gupta is correct. Unexpired insurance means the amount of insurance that has been paid in advance. 

Hope this answers your query.
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Unexpired  Insurance(RS.1292/-) means Prepaid Insurance. It   is increase in assets because it is shown in assets side. It will be shown in Credit side of Revaluation account.
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