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Class 12AccountancyReconstitution - Retirement or Death of a PartnerDeceased Partner’s ShareHard
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In a firm, a deceased partner’s capital is ₹84,000 and the value of his share of the firm’s goodwill is ₹16,000. Based on these two items, what total amount will be credited to the deceased partner’s account?

Answer and explanation

Correct answer: ₹1,00,000

The capital and the deceased partner’s share of goodwill are added: ₹84,000 + ₹16,000 = ₹1,00,000. Therefore, option C is correct. Options B and D reflect an arithmetic shortfall and excess of ₹2,000, respectively. Exam tip: In settlement questions, identify capital, goodwill and other adjustments separately before calculating the total amount due.

Related tags

Deceased Partner ShareGoodwill AdjustmentPartner SettlementPartnership AccountsRetirement And DeathDeceased Partner’s ShareDeceased Partner S ShareReconstitution Retirement Or Death Of A Partner
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10 more MCQs
  1. 1A, B and C share profits in the ratio 5:3:2. C retires. What is C’s old profit-sharing share?
  2. 2The deceased partner's share is 4/15. The firm's goodwill is ₹2,25,000. How much will be credited for goodwill to the deceased partner's executor?
  3. 3Goodwill is valued at ₹252,000 and the deceased partner’s share is 5/18. How much goodwill will be credited to the deceased partner’s executor?
  4. 4Why is the deceased partner’s goodwill share credited to the Executor’s Account?
  5. 5In partnership accounting, what does the amount due to a deceased partner refer to?
  6. 6To whom is the deceased partner’s share usually paid?
  7. 7Which of the following items is included while calculating the amount due to a deceased partner?
  8. 8To whom is the deceased partner’s share of profit earned up to the date of death paid?
  9. 9Why is the deceased partner’s share calculated?
  10. 10If the deceased partner's Capital Account has a credit balance of ₹1,00,000 on the date of death, will it be included in the amount due to the deceased partner?
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