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What does the legal representative of a deceased partner have a claim on from the firm?

Answer and explanation

Correct answer: Amount due from the firm

The legal representative is entitled to the amount due from the firm after adjusting the deceased partner’s capital, current account, goodwill, reserves, and share of profit or loss up to the date of death. There is no automatic claim on profits earned after death or on the capital introduced by a new partner. Exam tip: remember that the claim is for the amount due to the deceased partner.

Related tags

Deceased PartnerLegal RepresentativeAmount DuePartnership ReconstitutionRetirement Or DeathDeceased Partner’s ShareDeceased Partner S ShareReconstitution Retirement Or Death Of A Partner

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