ADVANCE PAYMENT Proprietor DIED
Ayush Jaiswal (26 Points)
22 April 2021
We took advance from a firm of huge amount now the proprietor has died.What should we do next?
5 Replies
CA. Sourav Sarkar
(Chartered Accountant )
(24583 Points)
Replied 22 April 2021
You have to repay the amount to the legal heirs of the deceased person
Baskar
(CMA)
(93 Points)
Replied 22 April 2021
you have to return the amount (with the interest, if applicable) to the official assignee/authorized person
CA. Sourav Sarkar
(Chartered Accountant )
(24583 Points)
Replied 25 April 2021
Yes, pay to his authorised heir
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