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Home Questions 4UBVXCDJZC
Target Exam

CUET

Subject

Accountancy

Chapter

Reconstitution of Partnership Firm: Retirement and Death

Question:

What will be the journal entry for transferring the deceased partner's balance to his executor's account?

Options:

Deceased Partner’s Capital A/c   Dr.
    To Deceased Partner’s Executors' A/c
(Transfer balance to executor's account)

Deceased Partner’s Executors' A/c Dr.
    To Deceased Partner’s Current A/c
(Transfer balance to executor's account)

Deceased Partner’s Current A/c Dr.
   To Deceased Partner’s Executors' A/c
(Transfer balance to executor's account)

Deceased Partner’s Executors' A/c Dr.
    To Deceased Partner’s Capital A/c
(Transfer balance to executor's account)

Correct Answer:

Deceased Partner’s Capital A/c   Dr.
    To Deceased Partner’s Executors' A/c
(Transfer balance to executor's account)

Explanation:

The correct answer is option 1-
Deceased Partner’s Capital A/c Dr.
    To Deceased Partner’s Executors' A/c
(Transfer balance to executor's account)

The above journal entry is passed to show the reduction in the capital balance of deceased partner and increase the balance in executor account.

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