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P&L in case of Death of a Partner
In case of death of a Partner, what shall be the treatment of Profit & Loss from beginning of F.Y. till date of death? His legal heir has admitted as partner w.e.f. death date...
Replies (1)
Prepare Financial statement as on the death date, & share the profits as on the end of the date.
Amendment in partnership can be effective from next date.
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