Percival F. Brundage, 87, a director of the old Bureau of the Budget in the Eisenhowever administration, died Monday at Valley Hospital in Ridgewood, N.J. He had a heart ailment.

Mr. Brundage joined the bureau, now the Office of Management and Budget, in 1954 as deputy director. He became director in 1956 and held that post for two years.

Before his government service, he had been a senior partner of Price Waterhouse & Co., a noted accounting firm. He joined the company in 1916, became a partner in 1930, headed its Boston office in the early 1930s and then returned to its headquarters in New York City. He was elected senior partner and head of the firm in 1944 and remained in that capacity until his retirement in 1954.

Since leaving the government, Mr. Brundage had divided his time between home in Washington and Pompano Beach, Fla. He also had acted as a financial consultant to various public and private financial institutions.

In 1970, he published a book, "The Bureau of the Budget." Although it appeared about the time that the Office of Management and Budget came into existence, it was written before that time. The book recommended that the old bureau be restructured along the lines of OMB.

In addition to his business and government work, Mr. Brundage was an active member of the Unitarian Church and took part in many of its activities. He also was active in several health and international organizations.

He was treasurer and a board member of Project Hope, which works to improve health care in developing countries, at the time of his death. He also was treasurer of the Atlantic Council of the United States, a group that works to strengthen the NATO alliance, at the time of his death.

Mr. Brundage had served as president of the Internationalk Association for Religious Freedom, honorary president of American Youth Hostels, as a director of the Unitarian Service Committee and the Unitarian Development Fund, and as a director of the Federal Union.

Mr. Brundage was born in Amsterdam, N.Y., and graduated from Harvard College in 1914.

He was a member of the Accounting Hall of Fame and a president of the American Institute of Certified Public

His wife, the former Amittai Ostrander, whom he married in 1917, died in 1977. A son, Robert, died in 1967.

Survivors include a daughter, Lois Baker, of Ridgewood, N.J., whom Mr. Brundage was visiting at the time of his death, and five grandchildren.

The family suggests that Expressions of sympathy be in the form of contributions to Project Hope, to the American Cancer Society, to the Federal Union, or to the Atlantic Council. CAPTION: Picture, PERCIVAL F. BRUNDAGE, 1957 Photo