Question

Objective Questions :
Answer in one Sentence :

How is amount due to deceased partner settled?

Answer 1

Payment to the deceased partner’s executor is made as stated in the partnership deed. The executor may be paid in full, i.e. in one instalment or in more than one instalment. In case the payment is made in instalments, the executor is entitled to interest @ 6% p.a. unless otherwise agreed, till the amount due to him/her is not paid.