Update

Muft Shiksha™ एक 100% Free Education Portal है 🇮🇳, जिसका उद्देश्य Class 9–12 के हर विद्यार्थी तक High-Quality Education को पूरी तरह मुफ्त पहुँचाना है। 🇮🇳 हम मानते हैं कि अच्छी शिक्षा किसी student की आर्थिक स्थिति पर निर्भर नहीं होनी चाहिए। 🇮🇳 हर विद्यार्थी को वही Quality Study Material, MCQs, Quizzes, Exam Preparation, Concept-Based Learning और Bilingual Support मिलना चाहिए, जो आमतौर पर महंगी Coaching या Premium Platforms में मिलता है। Muft Shiksha™ 🇮🇳 इसी सोच के साथ बनाया गया है

Subjects
0 reads0 ratings0 helpful

Why is payment made to the legal heir of a deceased partner?

Answer and explanation

Correct answer: Because the legal heir becomes entitled to the amount due to the deceased partner from the firm

On a partner’s death, the amount due to the partner is determined after considering items such as the capital account, current account, goodwill, accumulated profits and the share of profit up to the date of death. This amount is paid to the legal heir because the heir represents the deceased partner’s estate and rights. The heir does not automatically become a new partner; admission requires the consent of the partners. Exam tip: payment is made to settle the deceased partner’s entitlement, not to admit the heir as a partner.

Related tags

AccountancyPartnershipReconstitutionDeceased Partner ShareLegal HeirSettlement Of AccountsDeceased Partner’s ShareDeceased Partner S Share

Was this question useful?

No ratings yetWrite a review / Rate this question

Student Reviews

No published reviews yet.

Add Muft Shiksha to your Home Screen

In Safari, tap Share, then Add to Home Screen.