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What is executor account???

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What is executor account???

Posted by Renu Saini 7 years, 9 months ago

CBSE > Class 12 > Accountancy

2 answers

Nikhil Singh 7 years, 9 months ago

Executors accounts are prepared instead of loan account because the loan account represents the retiring partner and in case of death if the partner is dead then it is not possible to have an account to represent him. Executors accounts represents to the Executors (representative or family members)to the partner who is dead.

Mehak Suri 7 years, 9 months ago

Executor's account is prepared in case of death of a partner.The closing balance of deceased (dead) partner's capital account is credited to his executors account. It is basically prepared to tranfer the closing balance of deceased partner.(just as we prepare retiring partner's loan account in case of retirement)

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CBSE > Class 12 > Accountancy

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CBSE > Class 12 > Accountancy

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CBSE > Class 12 > Accountancy

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CBSE > Class 12 > Accountancy

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CBSE > Class 12 > Accountancy

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