Accounting treatment

Save Share

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

29 August 2016 There are 4 partners in a firm sharing profit and losses equally for the F.Y. 2015-16, 1 of them died on 7th October what would be the accounting entry and treatment?? How will be the profit distributed??

Amol S Joglekar

Amol S Joglekar (Expert)
Follow

29 August 2016 upto the date of death ... equal proportion among 4 partners
and subsequent to death.... equal proportion among 3 partners
(This is with the assumption that as per the deed, the firm does NOT get dissolved at the death of one of the partners AND the remaining partners continue to be partners.)

Message likes : 1 times

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now