What is the treatment of Joint Life Policy in admission, retirement/ death and dissolution??? Please reply.. thanks

 Case 1: When there is no Joint Life Policy in the present Balance Sheet but Joint Life Policy will appear in the Balance Sheet after retirement.

In this situation entry will be :
Joint Life Policy A/c ......Dr. (Surrender Value of JLP)
To All Partner 's Capital A/c 's

Case 2 :When there is no Joint Life Policy in the present Balance Sheet and Joint Life Policy will not be shown in the Balance Sheet after retirement.
Continuing Partner 's Capital A/c 's ......Dr. (Surrender Value in Gaining Ratio)
To Retiring Patner 's Capital A/c

Case 3 :When there is Joint Life Policy in the Balance Sheet.
In this case , Joint Life Policy is treated an an asset. Any Revaluation of Joint Life Policy is carried out through Revaluation A/c.

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