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.
Keep Posting!!!
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.
Keep Posting!!!