On death of a partner, the representative of the decease partners are entitled to share-profit from.......

Beginning of the financial year up to the date of death

Right on! Give the BNAT exam to get a 100% scholarship for BYJUS courses

From date of death to the date of finalization of A/c

No worries! We‘ve got your back. Try BYJU‘S free classes today!

For the full year

No worries! We‘ve got your back. Try BYJU‘S free classes today!

For six months

No worries! We‘ve got your back. Try BYJU‘S free classes today!

Open in App

Solution

The correct option is A Beginning of the financial year up to the date of death
Option A is the correct answer.

Suggest Corrections

Similar questions

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. Suppose partner A dies after 3 month from the date of B/s admission ,his share in profits was 1/4.
it was decided to calculate his share of profits till death on last years profit Rs. 10000.
calculate profit share of deceased partner share of profit till the 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 ___

Puneet, Pankaj and Pammy are partners in a business sharing profits and losses in the ratio of 2:2:1 respectively. Their balance sheet as on March 31, 2017 was as follows:

Books of Puneet, Pankaj and Pammy
Balance Sheet as on March 31, 2017
Liabilities		Amount Rs	Assets	Amount Rs
Sundry Creditors		1,00,000	Cash at Bank	20,000
Capital Accounts:			Stock	30,000
Puneet	60,000		Sundry Debtors	80,000
Pankaj	1,00,000		Investments	70,000
Pammy	40,000	2,00,000	Furniture	35,000
Reserve		50,000	Buildings	1,15,000
		3,50,000		3,50,000

Mr. Pammy died on September 30, 2017. The partnership deed provided the following:

(i)

The deceased partner will be entitled to his share of profit up to the date of death calculated on the basis of previous year’s profit.

(ii)

He will be entitled to his share of goodwill of the firm calculated on the basis of 3 years’ purchase of average of last 4 years’ profit. The profits for the last four financial years are given below: for 2013–14; Rs 80,000; for 2014–15, Rs 50,000; for 2015–16, Rs 40,000; for 2016–17, Rs 30,000.

The drawings of the deceased partner up to the date of death amounted to Rs 10,000. Interest on capital is to be allowed at 12% per annum.

Surviving partners agreed that Rs 15,400 should be paid to the executors immediately and the balance in four equal yearly instalments with interest at 12% p.a. on outstanding balance.

Show Mr. Pammy’s Capital account, his Executor’s account till the settlement of the amount due.

Q. As per section 37 of the Indian Partnership Act 1932, the executors would be entitled at their choice to the interest calculated from the date of death till the date of payment on the final amount due to the deceased partner at _______ % p.a.:

Join BYJU'S Learning Program

On death of a partner, the representative of the decease partners are entitled to share-profit from.......

The correct option is A Beginning of the financial year up to the date of deathOption A is the correct answer.

The correct option is A Beginning of the financial year up to the date of death
Option A is the correct answer.