Post Utme Lautech 2019 Accounting Question 24

Practice objective / multiple choice question 24 from the 2019 Post Utme Lautech Accounting examination.

Post Utme Lautech 2019 Accounting Objective / Multiple Choice

Question 24 POST_UTME_LAUTECH • 2019 • ACCOUNTING • objective

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

Answer Options

A. The deceased partner's share of the profits is written off as a loss.

Correct Answer B. The deceased partner's share of the profits is distributed to the remaining partners.

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

D. The deceased partner's share of the profits is ignored.

Correct Answer

Correct Option:

The deceased partner's share of the profits is distributed to the remaining partners.

About This Question

This is Post Utme Lautech 2019 Accounting Question 24. It is one of the objective questions from the 2019 Post Utme Lautech Accounting examination.

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