Page 3 - Learning Material

3. share of accumulated loss.

4. Drawing and interest on drawings (if any)

5. Share of loss on account of Revaluation of assets and liabilities.

6. His share of business loss up to the date of Retirement/Death (To p & L)

suspense A/C)

Deceased partner’s capital account

Particulars Amount Particulars Amount

To Current (dr.bal) xx By Balance b/d xx

To Revaluation a/c (loss) xx By Current a/c xx

To Drawing a/c xx By profit & loss Suspense xx

a/c

To Interest on Drawing a/c xx By REVALUATION A/C xx

(Profit)

To Goodwill a/c xx By General Reserve a/c xx

By Interest On Capital xx

By Salary a/c xx

To DECEASED PARTNER’S xx By Commission a/c xx

EXECUTOR ‘S ACCOUNT