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Question
The balance in the deceased partner's capital account is transferred to the _________capital account.
The balance in the deceased partner's capital account is transferred to the _________capital account.
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Solution
The correct option is C Representative of Deceased Partner
On the death of a partner, the partnership ceases to exist. But the firm may not cease to exist as the other remaining partners may decide to continue the business. In case of death of a partner, the treatment of various items is similar to that at the time of retirement of the partner. After making all the adjustments in the partners capital account, the amount that is due to him is paid to his legal representative.
On the death of a partner, the partnership ceases to exist. But the firm may not cease to exist as the other remaining partners may decide to continue the business. In case of death of a partner, the treatment of various items is similar to that at the time of retirement of the partner. After making all the adjustments in the partners capital account, the amount that is due to him is paid to his legal representative.
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