Q.Give a word/term/phrase which can substitute the following statement:
A person who represents the deceased partner.

The answer is the Liabilities side.

When a partner dies, the balance standing to his credit (capital + share of goodwill, reserves, revaluation profit and profit up to date of death) is transferred to his Executor's Account (or Executor's Loan Account). Until the firm actually pays this amount to the legal heirs, it is an amount owed by the firm — i.e. a liability.

The person who represents a deceased partner and to whom the amount due is paid is called the Executor (legal representative).

When a partner dies, the amount standing to his credit (capital, share of reserves, revaluation profit, goodwill and share of profit up to the date of death) is not paid to him personally but to the person representing his estate. That pe …