How to prepare executor loan account

Posted by Sagar Kumar (Mar 20, 2017 11:05 p.m.) (Question ID: 4282)

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  • 1. When the partner dies, the amount payable to him is paid to his/her legal representatives.

    2. The representatives of deceased partner is entitled to the followings:

    (a) The amount standing to the credit to the capital account and the deceased partner.

    (b) Interest on capital, if provided in the partnership deed, upto the date of death:

    (c) share of the value of goodwill of the firm; ‘

    (d) share of undistributed profit or reserves;

    (e) share of profit on the revaluation of assets and liabilities;

    (f) share of profit upto the date of death;

    (g) share of Joint Life Policy.

    The following amounts are debited to the account of the deceased partner’s legal representatives:

    (i) Drawings

    (ii) Interest on drawings

    (iii) share of loss on the revaluation of assets and liabilities;

    (iv) share of loss that have occurred till the date of his/her death

    Answered by Naveen Shukla (Jul 31, 2017 7:20 p.m.)
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