Delhi
Posted by: Naman on 03.05.2021
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If a partner dies and the other remaining partners carry on business as per partnership as per their deed agreement, then the share of the deceased partner may be taken by the existing partners and the profit accrued to the deceased partner up to the date of death must be paid to his/her the legal heirs by debit to the existing partners capital a/c in the new profit sharing ratio.
This is so necessary as because with the death of a partner, the partnership comes to an end, Therefore, it is necessary to transfer the deceased partner's share including his capital and other dues that was payabale as per the partnership agreement to his/her legal heirs. If the remaining partners decides to continue their business, it would be considered to be a new partnership arrangement between the existing partners
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