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What is the key difference in the accounting treatment for the disposal of the amount due to a retiring partner and a deceased partner? |
The amount credited to a retiring partner is transferred to the Profit & Loss Account, while the amount credited to a deceased partner is transferred to the Capital Reserve Account. The amount credited to a retiring partner is transferred to his Executors' Account, while the amount credited to a deceased partner is transferred to the Retiring Partner's Loan Account. The amount credited to a retiring partner is transferred to the Retiring Partner's Loan Account, while the amount credited to a deceased partner is transferred to his Executors' Account. There is no difference in the accounting treatment for the disposal of the amount due to a retiring partner and a deceased partner. |
The amount credited to a retiring partner is transferred to the Retiring Partner's Loan Account, while the amount credited to a deceased partner is transferred to his Executors' Account. |
The key difference in the accounting treatment for the disposal of the amount due to a retiring partner and a deceased partner is that the amount credited to a retiring partner is transferred to the Retiring Partner's Loan Account. On the other hand, the amount credited to a deceased partner is transferred to his Executors' Account. |
