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
Correct Answer: All of the above
Solution : Answer = All of the above
While a deceased partner is entitled to their share of gain or loss up to the date of death, they are not typically responsible for post-death gains or losses. Their share in the revaluation of assets and reassessment of liabilities is usually credited or debited to their Capital Account.
Hence, the correct option is 4.
