Accounting treatment

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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)
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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.)

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