Question : Which of the following statements is incorrect?
Option 1: Deceased partner is entitled to his share of gain (profit) that has arisen up to the date of death.
Option 2: Deceased’s partner will also bear the loss that may have been incurred up to the date of death.
Option 3: His share in the gain (profit) or loss on revaluation of assets and reassessment of liabilities is credited or debited to his Capital Account.
Option 4: All of the above
Correct Answer: All of the above
Solution : Answer = All of the above
While a deceased partner is entitled to their share of gain or loss up to the date of death, they are not typically responsible for post-death gains or losses. Their share in the revaluation of assets and reassessment of liabilities is usually credited or debited to their Capital Account. Hence, the correct option is 4.
Question : Amount in the credit side of the deceased Partner& Capital Account. Find out the odd one.
Question : Choose the correct statement with respect to the Share of Profit or Loss and the year of death will be?
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