Target Exam

CUET

Subject

Accountancy Part A

Chapter

Reconstitution of Partnership Firm: Retirement and Death

Question:

Choose the correct combination related to death of a partner:

(A) In case of death of a partner his claim is transferred to his executors.

(B) Deceased partner’s share of profit may be calculated on the basis of last year’s profit or on the basis of sales.

(C) Deceased partner’s share of general reserve shall be calculated till the date of his death only.

(D) Deceased partner’s claim shall include his interest on capital, interest on drawings (if any) till the date of his death.

Options:

(A), (B) and (D) only

(A), (B) and (C) only

(A), (B), (C) and (D)

(A), (C) and (D) only

Correct Answer:

(A), (B) and (D) only

Explanation:

The correct answer is Option (1) → 

(A), (B) and (D) only