how to make deseased partner executors accounts
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On the death of a partner, the accounting treatment regarding goodwill, revaluation of assets and reassessment of liabilities, accumulated reserves and undistributed profit are similar to that as on the retirement of a partner. When the partner dies, the amount payable to him/her is paid to his/her legal representatives.
The representatives are entitled to the following:
*.The amount standing to the credit of the Capital account of the deceased partner
*.Interest on capital, if provided in the partnership deed up tothe date of death
*.Share of goodwill of the firm
*.Share of undistributed profit or reserves
*.Share of profit on the revaluation of assets and liabilities
*.Share of profit up to the date of death
*.Share of joint life policyThe following amounts are debited to the capital account of the deceased partner:
*.Drawings
*.Interest on drawings
*.Share of loss on the revaluation of assets and liabilities
*.Share of loss that have occurred till the date of his/her death
The representatives are entitled to the following:
*.The amount standing to the credit of the Capital account of the deceased partner
*.Interest on capital, if provided in the partnership deed up tothe date of death
*.Share of goodwill of the firm
*.Share of undistributed profit or reserves
*.Share of profit on the revaluation of assets and liabilities
*.Share of profit up to the date of death
*.Share of joint life policyThe following amounts are debited to the capital account of the deceased partner:
*.Drawings
*.Interest on drawings
*.Share of loss on the revaluation of assets and liabilities
*.Share of loss that have occurred till the date of his/her death
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i dont know.........................................
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