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mediumMCQCUET UG 2024 Accountancy Question Paper (17-May-2024) (Shift 3)2026Accountancy
1 mark

The Deceased Partner’s Capital Account includes which of the following amounts/balances prior to final settlement?(A) Opening balance of his capital(B) His share of profit/loss till the date of death(C) His share of General Reserve(D) His drawings till the date of death(E) Amount paid to his executors Choose the correct answer from the options given below:

  1. A
    (A), (B), (D) and (E) only
  2. B
    (A), (B), (C) and (D) only
  3. C
    (A), (B) and (C) only
  4. D
    (A), (B), (C) and (E) only

Solution & Step-by-step Explanation

The Deceased Partner's Capital Account prepares the final claim balance by accumulating items (A) Opening capital balance, (B) current year profits accrued till death, and (C) share of existing General Reserves on the credit side, while reducing (D) current drawings on the debit side. Item (E), the amount paid to his executors, is recorded afterward in the Executor's Account, not within the deceased partner's main internal equity summation tracking account itself. Thus, the correct items included are (A), (B), (C), and (D) only.

Practice this question

Try it yourself before checking the explanation above.

The Deceased Partner’s Capital Account includes which of the following amounts/balances prior to final settlement?(A) Opening balance of his capital(B) His share of profit/loss till the date of death(C) His share of General Reserve(D) His drawings till the date of death(E) Amount paid to his executors Choose the correct answer from the options given below:
A
(A), (B), (D) and (E) only
B
(A), (B), (C) and (D) only
C
(A), (B) and (C) only
D
(A), (B), (C) and (E) only

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