Practicing Success

Target Exam

CUET

Subject

Accountancy

Chapter

Reconstitution of Partnership Firm: Retirement and Death

Question:
In the event of the death of a partner in a firm, the payments due to the deceased partner is made to which account?
Options:
Capital Account
Executor Account
Current Account
Loan Account
Correct Answer:
Executor Account
Explanation:
On the death of a partner in a firm payments are made to Executor's account.