Question : Amounts are debited to the deceased partner’s capital account, find out odd one
Option 1: His share of loss on revaluation of the assets and reassessment of liabilities, if any.
Option 2: His share of accumulated losses.
Option 3: His drawings.
Option 4: His share of reserve fund
Answer (1)
9th Jan, 2024
Correct Answer: His share of reserve fund
Solution : Answer = His share of the reserve fund
When a partner passes away, their capital account is typically debited for their share of losses, accumulated losses, and drawings. However, the reserve fund is a separate account and is not usually debited to the deceased partner's capital account upon their death.
Hence, the correct option is 4.
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