Question

Name five items which are credited to the account of the representatives of the deceased partner.

Answer 1

The following five items are credited to the account of the representatives of the deceased partner:

1. Deceased partner's share of the capital.
2. Deceased partner's share of accumulated profits (e.g., General Reserve, Profit & Loss Account balance).
3. Deceased partner's share of revaluation profits (from revaluation of assets and liabilities).
4. Deceased partner's share of goodwill (if applicable).
5. Deceased partner's share of undistributed profits (from the current year's profit).