In which of the following situation, the claim of the deceased partner is transferred to his executor's account?
Answer & explanation
Correct answer: option 3
The correct answer is option 3- Death of an old partner.
The accounting treatment in the event of the death of a partner is similar to that in case of retirement of a partner, and that in case of death of a partner his claim is transferred to his executors and settled in the same manner as that of the retired partner.