A, B and C are partners sharing profit and loss in 5 : 3 : 2. The firm’s balance sheet as on 31-03-2017 shows reserve balance of Rs 25,000. Profit of the year Rs 50,000. Joint life policy of Rs 1,00,000. Fixed assets of Rs 1,20,000. On 1st June, C died and on same date, the executors of C will get along with capital:
A. share in joint life policy
B. share in reserves
C. proportionate share of profit upto the date of death
D. All of these
Answer:D
A, B and C are partners sharing profit and loss in 5 : 3 : 2. The firm’s balance sheet as on 31-03-2017 shows reserve balance of Rs 25,000. Profit of the year Rs 50,000. Joint life policy of Rs 1,00,000. Fixed assets of Rs 1,20,000. On 1st June, C died and on same date, the executors of C will get along with capital:
A. share in joint life policy B. share in reserves C. proportionate share of profit upto the date of death D. All of these