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Reconstitution of Partnership : Death of a Partner — Syllabus

ICSE · Class 12 · Accountancy

What Reconstitution of Partnership : Death of a Partner covers in ICSE Class 12 Accountancy: 4 topics, for the 2026-27 session.

42 questions32 flashcards5 formulas & key relations5 concepts

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4 Topics · ICSE Class 12 Accountancy · 2026-27

Topics in Reconstitution of Partnership : Death of a Partner

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1. Meaning and effect of death of a partner

  • Death of a partner necessarily dissolves the partnership but the firm continues.
  • On the death of a partner, accounts in the books of the firm are maintained in the same manner as on the retirement of a partner.
  • The only additional problem in death is the ascertainment of the deceased partner's share of accrued profit or loss.
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2. Difference between retirement and death of a partner

  • Retirement is usually planned and made effective from the closing date of an accounting year, whereas death may occur at any time without notice during the year.
  • The payment of retiring partner's share is received by himself, but the payment of deceased partner's share is received by his legal heirs.
  • If a partner is retired during the accounting year, the same rules used for death are applicable for calculating his share of profit.
3

3. Calculation of deceased partner's share of profit upto date of death

  • The correct profit figure can be known only if books are closed till the date of death, which is inconvenient, so estimation methods are used.
  • Partnership deed often provides that the deceased partner's share of accruing profit be based on last year's profit, average profit, or turnover.
  • Profit may be calculated by two methods: on the basis of time or on the basis of turnover or sales.
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4. Accounting treatment of deceased partner's share of profit

  • The deceased partner's share in the profits may be readjusted in either of two ways: through Profit and Loss Suspense Account or through Capital Transfer.
  • Profit and Loss Suspense Account method is used only when the new profit sharing ratio of continuing partners does not differ from their old ratio.
  • Capital Transfer method is used only when the new profit sharing ratio of continuing partners differs from their old ratio.

Key Concepts

Central concept: Death of a Partner in Partnership Reconstitution

Effect of death on partnershipDeceased partner's share of profitAccounting treatment of profit shareGoodwill adjustmentDeceased partner's capital accountExecutor's loan accountRevaluation accountBalance sheet after death

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Frequently 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.
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.

Sources & Official References

Content is aligned to the official syllabus. Refer to the board website for the latest curriculum.

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