Subject: Accountancy • Chapter: 7 (Death of a Partner) • Board: CBSE/NCERT • Session: 2025–26
The Death of a Partner chapter deals with the financial adjustments and settlement of accounts when a partner in a firm passes away. These handwritten notes (PDF) include detailed explanations, formulas, and solved examples covering goodwill adjustments, deceased partner’s share of profit, interest on capital, revaluation, and settlement entries — all as per the CBSE Class 12 syllabus (2025–26).
📘 Chapter Index — Topics Covered
- Meaning of Death of a Partner
- Adjustment of Capital Accounts
- Treatment of Goodwill on Death
- Revaluation of Assets and Liabilities
- Calculation of Deceased Partner’s Share of Profit
- Interest on Capital and Drawings
- Preparation of Partner’s Capital Account
- Executor’s Account and Settlement
- Journal Entries for all adjustments
- Illustrative Questions & Solved Examples
🧠 Key Concepts Explained
- Goodwill Adjustment: Deceased partner is entitled to his share of goodwill based on the firm’s value.
- Revaluation Account: Revaluation is done to determine profit/loss due to change in asset values before death.
- Profit up to Date of Death: Calculated on the basis of last year’s profit or average profit.
- Executor’s Account: After death, the deceased partner’s capital and accumulated amounts are transferred to his executor’s account.
⭐ Features of the Handwritten Notes
- Neat, colorful, and easy-to-understand handwritten format.
- Formulas for goodwill and profit share explained clearly.
- Includes solved CBSE board-style problems with working notes.
- Quick revision points at the end of each topic.
- Perfect for last-minute exam preparation.
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📥 Download Chapter 7 – Death of a Partner (Handwritten Notes PDF)
💡 Important Formulas
- Deceased Partner’s Share of Profit:
= Firm’s profit × Time period till death ÷ 12 months × Partner’s share - Goodwill Share:
= Total Goodwill × Partner’s Share - Interest on Capital:
= Capital × Rate × Time/12 - Executor’s Account Balance:
= Capital + Reserves + Profit Share + Interest – Drawings
📚 Journal Entries
- For Share of Goodwill:
Gaining Partner’s Capital A/c Dr. → To Deceased Partner’s Capital A/c - For Share of Profit:
Profit & Loss Suspense A/c Dr. → To Deceased Partner’s Capital A/c - For Settlement:
Deceased Partner’s Capital A/c Dr. → To Executor’s A/c
📖 Study Tips
- Practice 3–4 full questions on executor’s account.
- Revise difference between retirement and death adjustments.
- Always calculate profit till date of death separately.
- Label your ledger accounts clearly in the exam.
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FAQ
Q1. What happens to goodwill after the death of a partner?
Goodwill is adjusted in favor of the deceased partner, as he contributed to building the firm’s reputation and profits.
Q2. What is the Executor’s Account?
After the death of a partner, his share in the firm is transferred to an Executor’s Account, which shows the amount payable to his heirs.
Q3. How is profit up to the date of death calculated?
Profit till the date of death is calculated proportionally based on the firm’s past profit trends and time period elapsed in the year.
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