Question : Which of the following statements is incorrect?

Option 1: Deceased partner is entitled to his share of gain (profit) that has arisen up to the date of death.

Option 2: Deceased’s partner  will also bear the loss that may have been incurred up to the date of death.

Option 3: His share in the gain (profit) or loss on revaluation of  assets and reassessment of liabilities is credited or debited to his Capital Account.

Option 4: All of the above 

Question : Amount in the credit side of the deceased Partner& Capital Account. Find out the odd one.

Option 1: His share of profit earned from the beginning of the financial year up to the date of death.

Option 2: His share of gain (profit) on revaluation of assets and reassessment of liabilities.

Option 3:  His share of accumulated losses

Option 4: Credit balance of capital account

Question : Amount in the credit side of the deceased Partner& Capital Account. Find out the odd one.

Option 1: His share of profit earned from the beginning of the financial year up to the date of death.

Option 2: His share of gain (profit) on revaluation of assets and reassessment of liabilities.

Option 3:  His share of accumulated losses

Option 4: Credit balance of capital account

Question : Choose the correct statement with respect to the Share of Profit or Loss and the year of death will be?

Option 1: Deceased partner is entitled to his share in profit from the beginning of the accounting year up to the date of his death.

Option 2: He bears loss, if any incurred by the firm during this period.

Option 3: Both 1 and 2

Option 4: Neither 1 nor 2 

Question : Choose the correct statement with respect to the Share of Profit or Loss and the year of death will be?

Option 1: Deceased partner is entitled to his share in profit from the beginning of the accounting year up to the date of his death.

Option 2: He bears loss, if any incurred by the firm during this period.

Option 3: Both 1 and 2

Option 4: Neither 1 nor 2