Post Utme Caleb University 2022 Accounting Question 6

Practice objective / multiple choice question 6 from the 2022 Post Utme Caleb University Accounting examination.

Post Utme Caleb University 2022 Accounting Objective / Multiple Choice
Question 6 POST_UTME_CALEB_UNIVERSITY • 2022 • ACCOUNTING • objective

A partnership is dissolved when a partner dies. What is the accounting treatment for the deceased partner's share of the firm's assets and liabilities?

Answer Options

A. The deceased partner's share is written off against the firm's capital account.
B. The deceased partner's share is transferred to the firm's profit and loss account.
Correct Answer C. The deceased partner's share is distributed to the remaining partners in proportion to their capital.
D. The deceased partner's share is sold to a third party at the current market value.
Correct Answer
C
Correct Option:
The deceased partner's share is distributed to the remaining partners in proportion to their capital.

About This Question

This is Post Utme Caleb University 2022 Accounting Question 6. It is one of the objective questions from the 2022 Post Utme Caleb University Accounting examination.

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