Question

how would you calculate the amount payable to the representative of a deceased partner?​

Answer 1

Explanation:

Death of a partner dissolves the partnership and the rights of the representatives of the deceased partner would depend on the provisions of the partnership deed. Usually, the surviving partners carry on the business, purchasing the share of the deceased partner after determining the among due to him and then treating it as a loan to the firm. There are no special problems in death except that death may occur at any time of the year; this would mean that the executors of the deceased partner would be entitled to the decreased partner’s share of profits arising after the last closing up of accounts to the dat

Answer 2

The amounts payable to the representative of a deceased partner are eligible for the following amounts:

Step By step explanation:

• Deceased partner’s share of Goodwill of the firm.
• Deceased partner’s share in the undistributed profits or the reserves.
• The amount standing in the deceased partner’s Capital A/c.
• The amount of Interest on the Capital up to the date of death of the deceased partner.
• The amount of share of the deceased partner in the Profit on Revaluation of assets and liabilities.
• The deceased partner’s share of the Joint Life Policy amount received on his death.