Question : The sum owed to a partner upon his passing/death shall be credited to -
Option 1: Remaining partner’s Capital Accounts
Option 2: All partner’s Capital Accounts
Option 3: His Executor’s Account
Option 4: Governments’ Revenue Account
Correct Answer: His Executor’s Account
Solution : The legal heirs of a deceased partner are paid the money owed to them. As a result, the payment is made to his or her Executors A/C.
Hence the correct answer is option 3.
Question : What happens to accumulated earnings and losses when a partner retires?
Question : Reserves, Accumulated (Undistributed) Profits And Losses will be
Question : How is goodwill recorded when a partner retires?
Question :
Accumulated losses on the retirement of a partner are
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