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After calculating the deceased partner’s share, to whom is the amount due communicated?

Answer and explanation

Correct answer: Legal representative

The amount payable to a deceased partner is determined after adjusting items such as capital, profit, goodwill and other relevant balances. This amount is payable to, and communicated to, the deceased partner’s legal representative or executor. A customer, supplier or bank manager has no claim over this amount. Exam tip: After a partner’s death, the amount due is generally transferred to the legal representative’s account.

Related tags

Deceased Partner ShareLegal RepresentativePartnership ReconstitutionAmount DueRetirement Or Death Of PartnerDeceased Partner’s ShareDeceased Partner S ShareReconstitution Retirement Or Death Of A Partner

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