Question

Final balance of capital is transferred to​

Answer 1

Explanation:

The account to which deceased partner's capital balance is transferred is known as Deceased Partner's Executors' Loan Account. The amount due is transferred to this account because actually, the payment is required to be made to the heirs of the deceased partner.

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Answer 2

The final balance of the capital is transferred to the cash account.

Detailed answer

The final balance or income produced after all the transactions are transferred to the cash account

• There are many types of accounts that include debt accounts, savings accounts, etc.
• The cash account is where the final balance after all the deductions and leverages are transferred into.
• The person is also not allowed to borrow funds into the cash accounts.