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Meaning of Executor

The account w...

Question

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

A

goodwill

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B

bank

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C

executor

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D

capital

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Solution

The correct option is B bank
If the partnership firm has enough bank balance to settle immediately the payment of the deceased partner, then the bank account will be credited.

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

Q. The amount is paid to executor of deceased partner for his share of profit. This payment is recorded in profit and loss account.

Q. account will be debited when interest on capital is paid on capital of deceased partner.

Q. State whether the following statements are true or false :

Total amount due to deceased partner is paid in cash to executor immediately after his death.

Q. When a firm is not in position to pay sufficient amount to the executor of the deceased partner, it can pay the amount in/ by __________.

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