Post Utme Futa 2020 Accounting Question 6

Practice objective / multiple choice question 6 from the 2020 Post Utme Futa Accounting examination.

Post Utme Futa 2020 Accounting Objective / Multiple Choice

Question 6 POST_UTME_FUTA • 2020 • ACCOUNTING • objective

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

A. The deceased partner's share of profits is written off immediately.

Correct Answer B. The deceased partner's share of profits is transferred to the partner's capital account.

C. The deceased partner's share of profits is transferred to the partner's current account.

D. The deceased partner's share of profits is transferred to the partner's drawings account.

Correct Answer

Correct Option:

The deceased partner's share of profits is transferred to the partner's capital account.

This is Post Utme Futa 2020 Accounting Question 6. It is one of the objective questions from the 2020 Post Utme Futa Accounting examination.

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