Question

व्हाट डू यू मीन बाय डेथ आफ ए पार्टनर​

Answer 1

The accounts prepared after the death of a partner working in a business firm. This is known as Reconstitution of Partnership firm.

In this, revaluation a/c, partners capital a/c and balance sheet is prepared. In this, the continuing partners earn a gain ratio. The dead partner automatically retires from the firm.

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