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A and B sharing profits in the ratio of 3 2...

This question belongs to Commerce Accounting
Accounting
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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-

Answer & Solution
Correct Answer: Option B
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