On the death of a partner, the amount due to him will be credited to : |
All partner's Capital Accounts Remaining partner's Capital Accounts His Executor's Account Government Revenue Account |
His Executor's Account |
The correct answer is option 3- His Executor's Account. The accounting treatment in the event of 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. |