Question : Which of the following statements is incorrect?

Option 1: The balance of Deceased partner's capital account is transferred to his executor's account.

Option 2: The legal representative of a deceased partner is entitled, at his discretion, to interest at 6% p.a. on the amount due from the date of death to the date of payment.

Option 3: Portion of profit which is earned by the firm with the amount due to the deceased partner.

Option 4: None of the above

Question : Which of the following statements is correct?

Option 1: Loan to Partner Account and Loan by Partner Account may be transferred to his Executor’s  Account

Option 2: Loan to Partner Account and Loan by Partner Account may be transferred to his capital account 

Option 3: Both 1 and 2

Option 4: None of the above 

Question : Which of the following statements is correct?

Option 1: Loan to Partner Account and Loan by Partner Account may be transferred to his Executor’s  Account

Option 2: Loan to Partner Account and Loan by Partner Account may be transferred to his capital account 

Option 3: Both 1 and 2

Option 4: None of the above 

Question : At the time of Death of a partner Deceased partner’s share of profit earned from the beginning of the financial year up to the date of death. Will be -------- to his capital account

Option 1: Debited 

Option 2: Credited 

Option 3: Either A and B 

Option 4: None of the above

Question : Which of the following statements is incorrect?

Option 1: Deceased partner is entitled to his share of gain (profit) that has arisen up to the date of death.

Option 2: Deceased’s partner  will also bear the loss that may have been incurred up to the date of death.

Option 3: His share in the gain (profit) or loss on revaluation of  assets and reassessment of liabilities is credited or debited to his Capital Account.

Option 4: All of the above