Practicing Success

Target Exam

CUET

Subject

Accountancy

Chapter

Reconstitution of Partnership Firm: Retirement and Death

Question:

The amount due to the deceased partner is paid to his……

Options:

Wife

Executors

Father

Children

Correct Answer:

Executors

Explanation:

The correct answer is option 2- Executors.

The accounting treatment in the event of the 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.