Meaning of Executor

Q. After the death of a partner, the amount due to the deceased partner by his capital account is transferred to his account.

1. current
2. bank
3. executor's
4. loan

Q. When the balance of the partner's capital account is transferred to executor's account, the deceased partner's account will be credited.

1. current
2. bank
3. executor's
4. loan

Q.

Amount due to a deceased partner shown by his capital account is transferred to his ___

1. None of the above

2. Lawyer`s account

3. Executor`s account

4. Current account

Q. The account will be credited when the amount is paid to the executor of the deceased partner.

1. goodwill
2. bank
3. executor
4. capital

Q.

If the partnership firm has enough bank balance to settle immediately the payment of the deceased partner, the journal entry for settlement is -

1. Deceased Partner's Account Dr.

   To Bank A/c

2. None of the above

3. Existing Partner's Account Dr.

   To Bank A/c

4. Deceased Partner's Executor's Account Dr.

   To Bank A/c

Q.

The appointment of executor's account is one of the differences between retirement and death of the partner. True or False

1. None of the above

2. Partially True

Q. A bill of exchange must be accepted by the payee.

1. True
2. False

Q. Give a word / term / phrase which can substitute each of the following statements :

A person who represents the deceased partner.

Q. A Bank Reconciliation Statement is prepared by ______.

1. Creditors
2. Debtors
3. Bank
4. Business Firm

Q. A bank reconciliation statement is prepared by __________.

1. creditors
2. debtors
3. account holder
4. bank

Q.

After the death of a partner, the balance in his capital account is transferred to executor's account. True or False.

1. False

2. True

Q. Bank reconciliation statement is prepared by _________.

1. controller of the bank
2. accountant of the bank
3. manager of the business
4. accountant of the business

Q. Give a word / term / phrase which can substitute each of the following statements :

The account to which deceased partners capital balance is transferred.

Q. How would deposits in transit be handled when reconciling the ending cash balance as per the bank statement to the bank balance as per cash book?

1. Subtracted from the balance as per the bank statement
2. Added to the balance as per the bank statement.
3. Added to the balance as per company records.
4. Ignored.