Chapter 5 of 10
Concept Maps
Reconstitution of Partnership : Death of a Partner — Concept Maps
ICSE · Class 12 · Accountancy
4 concept maps of Reconstitution of Partnership : Death of a Partner for ICSE Class 12 Accountancy, each also written out as a text outline.
42 questions32 flashcards5 formulas & key relations5 concepts
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4 Concept Maps
Step-by-Step Process for Death of a Partner
The map in words
- Partner Dies
- Stop Partnerships
- Prepare Revaluation Account
- Calculate Profit Till Death
- New Ratio Same as Old?
- Yes: Use P&L Suspense Account
- Calculate Goodwill Share
- Prepare Capital Account
- Gains/Losses from Revaluation?
- Yes: Distribute to All Partners in Old Ratio
- Allocate Goodwill to Gaining Partners
- Calculate Total Amount Due
- Pay Immediately?
- Yes: Pay from Cash
- Prepare Reconstituted Balance Sheet
- Close All Accounts
- Prepare Reconstituted Balance Sheet
- No: Create Executor's Loan Account
- Record Interest at 6% p.a.
- Yes: Pay from Cash
- Pay Immediately?
- Calculate Total Amount Due
- Allocate Goodwill to Gaining Partners
- No: Skip Distribution
- Yes: Distribute to All Partners in Old Ratio
- Gains/Losses from Revaluation?
- Prepare Capital Account
- Calculate Goodwill Share
- No: Use Capital Transfer Method
- Yes: Use P&L Suspense Account
- New Ratio Same as Old?
- Calculate Profit Till Death
- Prepare Revaluation Account
- Stop Partnerships
Death of Partner - Accounting Treatment Process
The map in words
- Partner Dies
- Calculate Shares to Death Date
- How to Calculate Profit?
- Time Basis - Last Year": Profit × Time/12 × Share
- Revalue Assets & Liabilities
- Prepare Revaluation Account
- Write-off Existing Goodwill
- Value New Goodwill
- Calculate Gaining Ratio
- Profit Sharing Ratio Changed?
- No": Use P&L Suspense Account
- Prepare Capital Account
- Transfer to Executor's Loan A/c
- Record Payments with Interest
- Final Settlement
- Record Payments with Interest
- Transfer to Executor's Loan A/c
- Prepare Capital Account
- Yes": Transfer to Gaining Partners' Capital
- No": Use P&L Suspense Account
- Profit Sharing Ratio Changed?
- Calculate Gaining Ratio
- Value New Goodwill
- Write-off Existing Goodwill
- Prepare Revaluation Account
- Revalue Assets & Liabilities
- Time Basis - Average": Avg Profit × Time/12 × Share
- Sales Basis": (Profit/Sales) × Period Sales × Share
- Time Basis - Last Year": Profit × Time/12 × Share
- How to Calculate Profit?
- Calculate Shares to Death Date
Death of a Partner - Complete Chapter Overview
The map in words
- Death of a Partner
- Differences from Retirement
- Timing
- Retirement at year end
- Death anytime during year
- Recipient of Payment
- Retiring partner receives himself
- Executor or legal heirs receive
- Timing
- Share of Profit Till Death
- Time Basis
- Last Year Profit
- Average Profit
- Sales Basis
- Last Year Profit to Sales Ratio
- Current Year Sales
- Time Basis
- Accounting Treatment of Profit
- PSR of Remaining Partners Unchanged
- PL Suspense Account Method
- PSR of Remaining Partners Changed
- Capital Transfer Method
- Gaining Ratio Used
- PSR of Remaining Partners Unchanged
- Treatment of Goodwill
- Calculate Firm Goodwill
- Deceased Partner Share
- Gaining Partners Pay
- Gaining Ratio Determines Debit
- Deceased Partner Capital Account
- Debit Side
- Drawings
- Interest on Drawings
- Share of Losses
- Revaluation Loss
- Credit Side
- Opening Capital
- Reserves Share
- Goodwill Share
- Profit Share
- Interest on Capital
- Debit Side
- Executor Settlement
- Executor Account
- Executor Loan Account
- Section 37 Partnership Act
- 6 percent Interest Option
- Profit Share Option
- Balance Sheet New Firm
- No Deceased Partner Capital
- Executor Loan as Liability
- PL Suspense as Asset
- Differences from Retirement
Death of a Partner in Partnership Reconstitution
The map in words
- Death of a Partner in Partnership Reconstitution
- Effect of death on partnership
- Deceased partner's share of profit
- Accounting treatment of profit share
- Goodwill adjustment
- Deceased partner's capital account
- Executor's loan account
- Revaluation account
- Balance sheet after death
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Explore DiagramsFrequently Asked Questions
What are the important topics in Reconstitution of Partnership : Death of a Partner for ICSE Class 12 Accountancy?
Key topics in Reconstitution of Partnership : Death of a Partner include Meaning and effect of death of a partner, Difference between retirement and death of a partner, Calculation of deceased partner's share of profit upto date of death, Accounting treatment of deceased partner's share of profit. Study these first, then practise questions on each for the ICSE Class 12 board exam.
What do the concept maps for Reconstitution of Partnership : Death of a Partner show?
The 4 maps show how the ideas in Reconstitution of Partnership : Death of a Partner connect: Step-by-Step Process for Death of a Partner; Death of Partner - Accounting Treatment Process. Each map is also written out as an outline on this page.
How should I revise Reconstitution of Partnership : Death of a Partner for the ICSE Class 12 board exam?
Learn the core ideas first, then work through the 42 practice questions on Reconstitution of Partnership : Death of a Partner. Revise definitions regularly and use flashcards for quick recall before the exam.
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Chapter Summary
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