This document contains accounting transactions related to a joint life insurance policy over multiple years. It records the payment of insurance premiums from bank accounts. It also records the policy being written off without surrender value, and being brought down to surrender value at the end of years. Finally, it records the insurance claim receivable upon maturity of the policy, and distribution of the claim amount to the capital accounts of Ajith, Biju and Cherry.

3. Date Particulars LF Dr Amount Cr Amount
Joint life policy a/c Dr
To bank
(premium on JLP paid)
Xxx
Xxx
Profit and loss account Dr
To joint policy a/c
(the policy written of it has no surrender value)
Xxx
Xxx
Joint life policy a/c Dr
To bank
(Premium on joint life policy paid)
Xxx
Xxxx
Profit and loss a/c Dr
To joint life policy account
( joint life policy brought down to surrender value)
Xxx
Xxx
Joint life policy a/c Dr
To bank a/c
(premium on joint life policy paid)
Xxx
Xxx
Profit and loss a/c Dr
To joint life policy a/c
(joint life policy brought down to surrender value)
Xxx
Xxx
Joint life policy a/c Dr
To bank
(premium on policy period)
Xxx
Xxx
Insurance claim recievable a/c Dr
To joint life policy a/c
(the amount of claim recievable on maturity)
Xxx
Xxx
Joint life policy a/c Dr
To Ajith’s capital a/c
To biju’s capital a/c
To cherry’s capital a/c
Xxx
Xxx
Xxx
xxx

4. Date Particulars LF Dr Amount Cr Amount
1/1/2001 Joint life policy a/c Dr
To bank
(premium on JLP paid)
3000
3000
31/12/2001 Profit and loss account Dr
To joint policy a/c
(the policy written of it has no surrender value)
3000
3000
01/01/2002 Joint life policy a/c Dr
To bank
(Premium on joint life policy paid)
3000
3000
31/2/2002 Profit and loss a/c Dr
To joint life policy account
( joint life policy brought down to surrender value)
2200
2200
1/1/2003 Joint life policy a/c Dr
To bank a/c
(premium on joint life policy paid)
3000
3000
31/12/2003 Profit and loss a/c Dr
To joint life policy a/c
(joint life policy brought down to surrender value)
1800
1800
1/1/2004
Joint life policy a/c Dr
To bank
(premium on policy period)
3000
3000
20/5/2004
Insurance claim recievable a/c Dr
To joint life policy a/c
(the amount of claim recievable on maturity)
50000
50000
20/05/2004
Joint life policy a/c Dr
To Ajith’s capital a/c
To biju’s capital a/c
To cherry’s capital a/c
45000
18000
18000
9000

5. DATE PARTICULARS AMOUNT DATE PRTICULARS AMOUNT
01-01-2001
01-01-2002
01-01-2003
01-01-2004
20-05-2004
Bank
Bank
Balance b/d
Bank
Balance b/d
Bank
Ajith’s capital
Biju’s capital
Cherry’s
capital
3000 31-12-2001
31-12-2002
31-12-2003
20-05-2004
Profit and loss
Profit and loss
Balance c/d
Profit and loss
Balance c/d
Insurance
claim
recievable
3000
3000
3,000
3,000
2,200
800
3,000
800
3,000
3,000
1,800
2,000
3,800
2,000
3,000
18,000
18,000
9,000
3,800
50,000
50,00050,000