Death of partner Objectives

1. The account which shows revaluation of assets and liabilities.
2. Excess of credit side over debit side of revaluation account.
3. The method under which payment is made to retiring partner in instalment.
4. Excess of proportionate at capital over actual capital.
5. The account to which deceased partner’s capital balance is transferred.
6. The partner who died.
7. A person who represents the deceased partner.
8. Person to whom, balance due to deceased partner is payable.
9. Ratio by which surviving partners are benefitted on the death of the partner.
10. Accumulated past profit kept in the form of reserve.
11. Withdrawal of cash or goods by partner for personal use.
12. Account where profit or loss on revaluation is transferred.

Ans.

1. Revaluation A/c or Profit and loss Adjustment A/c
2. Profit on Revaluation
3. Instalment method
4. Deficit
5. Deceased partner’s legal representatives Loan A/c or Executor’s Loan Account.
6. Deceased partner
7. Legal heir or executor
8. Legal heir / executor
9. Gain or benefit ratio
10. General Reserve
11. Drawings
12. Partner’s Capital or Current Account.