Reconstitution of Partnership (Death of Partner) — Book Keeping & Accountancy STD 12 Commerce / Arts — Question
Maharashtra BoardEnglish MediumSTD 12 Commerce / ArtsBook Keeping & AccountancyReconstitution of Partnership (Death of Partner)1 Mark
Question
How is an amount due to the deceased partner settled?
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Answer
The amount finally due to the deceased partner is settled by transferring the same amount to his Legal Heir or Representative’s Loan Account and the same is paid to the legal heir or representative or executor after completing all legal formalities.
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