Post Utme Rhema University 2019 Accounting Question 6

Practice objective / multiple choice question 6 from the 2019 Post Utme Rhema University Accounting examination.

Post Utme Rhema University 2019 Accounting Objective / Multiple Choice
Question 6 POST_UTME_RHEMA_UNIVERSITY • 2019 • ACCOUNTING • objective

A partnership is dissolved when a partner 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 against the partner's capital account.
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
B
Correct Option:
The deceased partner's share of the profits is distributed to the remaining partners.

About This Question

This is Post Utme Rhema University 2019 Accounting Question 6. It is one of the objective questions from the 2019 Post Utme Rhema University Accounting examination.

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