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P1 C6 RETIREMENT/DEATH OF A PARNER — Elements of Account STD 12 Commerce — Question

Gujarat BoardEnglish MediumSTD 12 CommerceElements of AccountP1 C6 RETIREMENT/DEATH OF A PARNER1 Mark
Question
Why Joint Life Insurance policy reserve account is created?
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Answer

With an intention to maintain working capital of a business with the help of amount equals to premium, joint life insurance policy reserve account is created.

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