Practicing Success
Practicing Success
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| How can the profit of the deceased partner be calculated by the partnership firm, if he dies during the accounting year? |
On the basis of sales On the basis of last year's profit On the basis of average profit Any of these |
| Any of these |
| The deceased partner’s share of profit may be calculated on the basis of last year’s profit (or average of past few years) or on the basis of sales. It all depends on the agreement of the partners. |
