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Partner's Capital Account Adjustments(Death)

The deceased ...

Question

The deceased partner`s share in the firm is calculated in the same manner as in the case of a retiring partner. Is the statement true or false?

A

None of the above

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B

Partially true

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Solution

True. The deceased partner`s share in the firm is calculated in the same manner as in the case of a retiring partner.

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Why a retiring/deceased partner is entitled to a share of goodwill of the firm?

Q. In case of deceased partner the share of profits til the date of death is calculated as ____________.

Q. To provide funds to pay to the retiring partner or to the representatives of a deceased partner, generally partners create ________.

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

Retiring partner is entitled to his share of goodwill.

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

Amount due to a retiring partner if not paid, appears as his loan in the books of the firm.

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Partner's Capital Account Adjustments(Death)

Standard XII Accountancy

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