Death of a partner | AccountingWEB

Death of a partner

6 partner business, one died mid accounting period, the others are continuing. I was intending to do the accounts for the whole accounting period and time apportion the profit to get pre and post death. As the estate has not yet been settled, in the division of the profits I was going to add the executors as a partner so that the post death part of the dead partners share was shown as their profit. Also I was going to show the balance on the dead partners capital account transferring to the executors.

Does this seem reasonable? Is there a better way?
David James

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Partnership Deed?

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