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In the absence of proper agreement, representative of the deseased partner is entitled to the Dead partner’s share in the following items.
- a)Profits till date, goodwill, joint life policy, interest on capital, share in revalued assets and liabilities.
- b)Capital, goodwill, joint life policy, interest on capital, share in revalued assets and liabilities.
- c)Capital, profits till date, goodwill, interest on capital, share in revalued assets and liabilities.
- d)Capital, profits till date, goodwill, joint life policy, share in revalued assets and liabilities.
Correct answer is option 'D'. Can you explain this answer?
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In the absence of proper agreement, representative of the deseased par...
Explanation:
The representative of the deceased partner is entitled to the deceased partner's share in the following items:
A: Profits till date, goodwill, joint life policy, interest on capital, share in revalued assets and liabilities.
B: Capital, goodwill, joint life policy, interest on capital, share in revalued assets and liabilities.
C: Capital, profits till date, goodwill, interest on capital, share in revalued assets and liabilities.
D: Capital, profits till date, goodwill, joint life policy, share in revalued assets and liabilities.
The correct answer is D because it includes all the entitlements that the representative of the deceased partner is entitled to.
Here is a breakdown of each option:
A:
- Profits till date: The representative is entitled to receive the deceased partner's share of profits earned until the date of death.
- Goodwill: The representative is entitled to the deceased partner's share of goodwill, which is the value of the firm's reputation and customer base.
- Joint life policy: The representative is entitled to the deceased partner's share of any joint life insurance policy taken by the partnership.
- Interest on capital: The representative is entitled to the deceased partner's share of interest earned on their capital investment in the partnership.
- Share in revalued assets and liabilities: The representative is entitled to the deceased partner's share in any revaluation of the partnership's assets and liabilities.
B:
- Capital: The representative is entitled to the deceased partner's share of the capital invested in the partnership.
- Goodwill: Same as option A.
- Joint life policy: Same as option A.
- Interest on capital: Same as option A.
- Share in revalued assets and liabilities: Same as option A.
C:
- Capital: Same as option B.
- Profits till date: Same as option A.
- Goodwill: Same as option A.
- Interest on capital: Same as option A.
- Share in revalued assets and liabilities: Same as option A.
D:
- Capital: Same as option B.
- Profits till date: Same as option A.
- Goodwill: Same as option A.
- Joint life policy: Same as option A.
- Share in revalued assets and liabilities: Same as option A.
Therefore, option D is the correct answer as it includes all the entitlements that the representative of the deceased partner is entitled to.
View all questions of this test
The representative of the deceased partner is entitled to the deceased partner's share in the following items:
A: Profits till date, goodwill, joint life policy, interest on capital, share in revalued assets and liabilities.
B: Capital, goodwill, joint life policy, interest on capital, share in revalued assets and liabilities.
C: Capital, profits till date, goodwill, interest on capital, share in revalued assets and liabilities.
D: Capital, profits till date, goodwill, joint life policy, share in revalued assets and liabilities.
The correct answer is D because it includes all the entitlements that the representative of the deceased partner is entitled to.
Here is a breakdown of each option:
A:
- Profits till date: The representative is entitled to receive the deceased partner's share of profits earned until the date of death.
- Goodwill: The representative is entitled to the deceased partner's share of goodwill, which is the value of the firm's reputation and customer base.
- Joint life policy: The representative is entitled to the deceased partner's share of any joint life insurance policy taken by the partnership.
- Interest on capital: The representative is entitled to the deceased partner's share of interest earned on their capital investment in the partnership.
- Share in revalued assets and liabilities: The representative is entitled to the deceased partner's share in any revaluation of the partnership's assets and liabilities.
B:
- Capital: The representative is entitled to the deceased partner's share of the capital invested in the partnership.
- Goodwill: Same as option A.
- Joint life policy: Same as option A.
- Interest on capital: Same as option A.
- Share in revalued assets and liabilities: Same as option A.
C:
- Capital: Same as option B.
- Profits till date: Same as option A.
- Goodwill: Same as option A.
- Interest on capital: Same as option A.
- Share in revalued assets and liabilities: Same as option A.
D:
- Capital: Same as option B.
- Profits till date: Same as option A.
- Goodwill: Same as option A.
- Joint life policy: Same as option A.
- Share in revalued assets and liabilities: Same as option A.
Therefore, option D is the correct answer as it includes all the entitlements that the representative of the deceased partner is entitled to.
Most Upvoted Answer
In the absence of proper agreement, representative of the deseased par...
Explanation:
In the absence of a proper agreement, the representative of the deceased partner is entitled to the deceased partner's share in the following items:
a) Profits till date: The representative of the deceased partner is entitled to the share of profits that have been earned by the partnership till the date of the partner's death. This includes the share of profits that have been accumulated or retained by the partnership.
b) Goodwill: Goodwill is the value of the reputation and customer relationships of a business. The representative of the deceased partner is entitled to the deceased partner's share of the goodwill of the partnership. Goodwill represents the value that the deceased partner has contributed to the partnership through their efforts and reputation.
c) Joint life policy: A joint life policy is a life insurance policy taken out on the lives of the partners. In the absence of a proper agreement, the representative of the deceased partner is entitled to the deceased partner's share of the joint life policy. This ensures that the representative can receive the benefits of the life insurance policy.
d) Interest on capital: The representative of the deceased partner is entitled to the deceased partner's share of the interest on capital. Interest on capital represents the return on the investment made by the partners in the partnership.
e) Share in revalued assets and liabilities: If the partnership decides to revalue its assets and liabilities after the death of a partner, the representative of the deceased partner is entitled to the deceased partner's share in the revalued assets and liabilities. This ensures that the representative receives their fair share of the partnership's assets and liabilities.
Therefore, in the absence of a proper agreement, the representative of the deceased partner is entitled to the deceased partner's share in capital, profits till date, goodwill, joint life policy, and share in revalued assets and liabilities. Option 'D' is the correct answer.
In the absence of a proper agreement, the representative of the deceased partner is entitled to the deceased partner's share in the following items:
a) Profits till date: The representative of the deceased partner is entitled to the share of profits that have been earned by the partnership till the date of the partner's death. This includes the share of profits that have been accumulated or retained by the partnership.
b) Goodwill: Goodwill is the value of the reputation and customer relationships of a business. The representative of the deceased partner is entitled to the deceased partner's share of the goodwill of the partnership. Goodwill represents the value that the deceased partner has contributed to the partnership through their efforts and reputation.
c) Joint life policy: A joint life policy is a life insurance policy taken out on the lives of the partners. In the absence of a proper agreement, the representative of the deceased partner is entitled to the deceased partner's share of the joint life policy. This ensures that the representative can receive the benefits of the life insurance policy.
d) Interest on capital: The representative of the deceased partner is entitled to the deceased partner's share of the interest on capital. Interest on capital represents the return on the investment made by the partners in the partnership.
e) Share in revalued assets and liabilities: If the partnership decides to revalue its assets and liabilities after the death of a partner, the representative of the deceased partner is entitled to the deceased partner's share in the revalued assets and liabilities. This ensures that the representative receives their fair share of the partnership's assets and liabilities.
Therefore, in the absence of a proper agreement, the representative of the deceased partner is entitled to the deceased partner's share in capital, profits till date, goodwill, joint life policy, and share in revalued assets and liabilities. Option 'D' is the correct answer.
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In the absence of proper agreement, representative of the deseased partner is entitled to the Dead partners share in the following items.a)Profits till date, goodwill, joint life policy, interest on capital, share in revalued assets and liabilities.b)Capital, goodwill, joint life policy, interest on capital, share in revalued assets and liabilities.c)Capital, profits till date, goodwill, interest on capital, share in revalued assets and liabilities.d)Capital, profits till date, goodwill, joint life policy, share in revalued assets and liabilities.Correct answer is option 'D'. Can you explain this answer?
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ample number of questions to practice In the absence of proper agreement, representative of the deseased partner is entitled to the Dead partners share in the following items.a)Profits till date, goodwill, joint life policy, interest on capital, share in revalued assets and liabilities.b)Capital, goodwill, joint life policy, interest on capital, share in revalued assets and liabilities.c)Capital, profits till date, goodwill, interest on capital, share in revalued assets and liabilities.d)Capital, profits till date, goodwill, joint life policy, share in revalued assets and liabilities.Correct answer is option 'D'. Can you explain this answer? tests, examples and also practice CA Foundation tests.
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