Deceased Partner’s Share

In Class 12 Accountancy, this topic from “Reconstitution – Retirement or Death of a Partner” explains how a deceased partner’s claim is determined and settled. Students learn to calculate the partner’s share of profit up to the date of death, adjust goodwill, revaluation profit or loss, reserves and accumulated items, and prepare the deceased partner’s Capital and Current Accounts. The topic also covers the amount transferred to the Executor’s Account and the accounting entries used for final settlement.

01Why is the deceased partner’s legal representative interested in calculating the deceased partner’s share?

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Answer and explanation

Correct answer: A. क्योंकि उसे मृत भागीदार को देय सही राशि प्राप्त करनी होती है

The legal representative is entitled to receive the amount due from the firm on behalf of the deceased partner. This amount may include the partner’s capital, share of goodwill, accumulated profits and profit up to the date of death. Therefore, the share must be calculated accurately. The representative does not automatically become a new partner; admission requires a separate agreement. Exam tip: Include all adjustments up to the date of death while determining the amount payable to the deceased partner’s estate.

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01Why is the deceased partner’s legal representative interested in calculating the deceased partner’s share?

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Deceased Partner’s Share

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