On the death of a partner, the amount of Joint Life Insurance Policy is credited to the Capital Accounts of:
A. Only the deceased partner
B. All partners including the deceased partner
C. Remaining partners, in the new profit-sharing ratio
D. Remaning partners, in their old profit-sharing ratio
Answer:B
On the death of a partner, the amount of Joint Life Insurance Policy is credited to the Capital Accounts of:
A. Only the deceased partner B. All partners including the deceased partner C. Remaining partners, in the new profit-sharing ratio D. Remaning partners, in their old profit-sharing ratio