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What is the correct entry to transfer amount from deceased partner capital account to executor loan account?

Answer and explanation

Correct answer: Deceased partner capital account debit and executor loan account credit

The capital amount due to deceased partner becomes loan payable to executor. Therefore capital account is debited and executor loan account is credited.

Related tags

Partners-LoanExecutorJournal-EntryPartner's Loan AccountPartner S Loan AccountReconstitution Retirement Or Death Of A PartnerAccountancyClass 12 Mcq

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