Treatment of joint life policy in dissolution
If Joint Life Policy JLP and Joint Life Policy Reserve both are given in the Balance Sheet , then first of all transfer JLP to debit side and JLP Reserve to credit side of Realisation A/c and if?surrender value?is also given then the realised value (i.e. surrender value received from insurance company) will also be shown on the credit side of Realisation A/c (at surrender value). This entry will also be shown on the debit side of Bank A/c (double entry system of accounting).?