A and B sharing profits in the ratio of 3 : 2 took out a joint-life policy of Rs. 20,000 on 1st January 2000 for 20 years, paying annual premium of Rs. 1000. The surrender values of the policy were: 2000 - nil, 2001 - Rs. 550, 2002 - Rs. 970.
On 8th march 2002 B was dead. What will be the amount to be paid to the policy holders-
A. Rs. 7,250
B. Rs. 7,380
C. Rs. 8,407
D. Rs. 9,360
Answer: Option B
This Question Belongs to Commerce >> Accounting
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