The executors of the deceased partners are entitled to receive the following payment, which should be credited to the Capital Account :
- Amount standing to the credit side of the deceased partner’s capital account.
- Amount standing to the credit side of the deceased partner’s current account.
- His share of profit from the beginning of the current year to the date of death.
- His share of profit on revaluation of assets and liabilities.
- His share of undistributed profits and reserves or accumulated earnings.
- His share of goodwill.
- The amount of his salary,
- Interest on his capital account at the agreed rate, if agreement provides
The following amounts are charged from the capital account of the deceased partner, as such they are debited to his capital account.
- Amount withdrawn by the deceased partner from the beginning of the current year to the date of death.
- Interest on his drawing at the agreed rate, if provided in the agreement.
- Share of profit or loss on revaluation of assets and liabilities.
- His share in the loss of the business, if any.
- His share in Goodwill (When Closed) .
