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Question
State whether the following statements is true or false :
Deceased Partner’s share in profit up to the date of his death will be debited to his capital A/c.
Options
True
False
Solution
False
Explanation: The deceased partner’s share in profit up to the date of his death will be credited to his capital account, as the amount is required to be paid to him. Thereafter, this amount is transferred to his Executors’ Loan Account.
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RELATED QUESTIONS
Share of profit or a deceased partner till the date of his death is ____________
a. debited to profit and loss adjustment account
c. debited to profit and loss suspense account.
State whether the following statements is true or false :
Death of a partner is like a compulsory retirement.
State whether the following statements is true or false :
On the death of a partner, his share in the goodwill is divided equally among continuing partners.
Select the most appropriate alternative from those given below and rewrite the statement.
If goodwill is raised to the extent of retiring partner’s share, ________ account is to be debited.
