Question

How do you calculate the amount payable to the amount representative of a decreased partner?

Answer 1

Explanation:

Amount Payable to Legal Representative

The amount standing in the deceased partner's Capital A/c.

The amount of Interest on Capital up to the date of death, if partnership deed so provides.

Deceased partner's share of Goodwill of the firm.

Deceased partner's share in the reserves or the undistributed profits, if any.