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Name four items which are credited to the account of a decreased partner while calculating the amount due to his legal heirs.

Class 12 Accounts in Class 12 3 years ago

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Solution :(i) Balance standing to the credit of the DECEASED Partner's CAPITAL and Current Accounts on the date of death.
(ii) His share of PROFIT till the date of death.
(iii) His share in Goodwill of the firm.
(iv) His share in the gain (profit) on REVALUATION of assets and reassessment of liabilities.
(V) His share of reserves and accumulated profits.
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Posted on 04 Dec 2021, this text provides information on Class 12 related to Accounts in Class 12. Please note that while accuracy is prioritized, the data presented might not be entirely correct or up-to-date. This information is offered for general knowledge and informational purposes only, and should not be considered as a substitute for professional advice.

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