Death of a Partner

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Death of a Partner: Overview

This topic covers concepts such as, Death of a Partner etc.

Important Questions on Death of a Partner

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Which document is used to settle the amount due to the deceased partner's legal representatives?

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The deceased partner's share of profit is determined by which of the following methods?

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Which of the following is not included in the computation of the deceased partner's dues?

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Which account is credited with the deceased partner's share of goodwill?

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What is the first step in the process of accounting for the death of a partner?

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On retirement/death of a partner, the remaining partners who have gained due to change in profit sharing ratio should compensate the:

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A, B, and C are partners sharing profits in the ratio of 3:2:1. C died on 1st July, 2023. On this date, final accounts were prepared to ascertain profits for the period. It resulted in a profit of ₹ 1,75,000 to the firm. To give effect to the above