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Introduction to Death of Partner

If the death ...

Question

If the death of a partner occurs during the year, the representatives of the deceased partner are entitled to his/her share of profits earned till the ___

A

one of the above

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B

end of current month

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C

end of current year

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D

date of death

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Solution

The correct option is D
date of death

If the death of a partner occurs during the year, the representatives of the deceased partner are entitled to his/her share of profits earned till the date of death.

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Q. The executors of the deceased partner are entitled to a share of profit earned by the firm from the date of last balance sheet and to the date of death. Which of the entry will be passed for this purpose? (Name of the deceased partner was Mr.X)

Q. Sunny, Honey and Rupesh were partners in a firm. On 31st March, 2014, their Balance Sheet was as follows:

Liabilities		₹	Assets	₹
Creditors		10,000	Plant and Machinery	40,000
General Reserve		30,000	Furniture	15,000
Capital A/cs:			Investments	20,000
Sunny	30,000		Debtors	20,000
Honey	30,000		Stock	20,000
Rupesh	20,000	80,000		25,000
		1,20,000		1,20,000

Honey died on 31st December, 2014. The Partnership Deed provided that the representatives of the deceased partner shall be entitled to:
(a) Balance in the Capital Account of the deceased partner.
(b) Interest on Capital @ 6% per annum up to the date of his death.
(c) His share in the undistributed profits or losses as per the Balance Sheet.
(d) His share in the profits of the firm till the date of his death, calculated on the basis of rate of net profit on sales of the previous year. The rate of net profit on sales of previous year was 20%. Sales of the firm during the year till 31st December, 2014 was ₹ 6,00,000.
Prepare Honey's Capital Account to be presented to his executors.

Q. Suppose partner A dies after 3 month from the date of B/s admission ,his share in profits was 1/4.
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