Question : Amount in the credit side of the deceased Partner& Capital Account. Find out the odd one.
Option 1: His share of profit earned from the beginning of the financial year up to the date of death.
Option 2: His share of gain (profit) on revaluation of assets and reassessment of liabilities.
Option 3: His share of accumulated losses
Option 4: Credit balance of capital account
Correct Answer: His share of accumulated losses
Solution : Answer = His share of accumulated losses
In the credit side of the deceased partner's capital account, we typically find his share of profits earned and gains on revaluation, representing positive contributions to the capital. Accumulated losses would typically be on the debit side, representing a reduction in capital. Hence, the correct option is 3.
Question : Amounts are debited to the deceased partner’s capital account, find out odd one
Question : Which of the following statements is incorrect?
Question : At the time of Death of a partner Deceased partner’s share of profit earned from the beginning of the financial year up to the date of death. Will be -------- to his capital account
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