Partnership agreements often fund the anticipated purchase of a deceased partner’s partnership interests with _____. a. partner advances b. distributions of retained earnings c. levies on partnership interests d. life insurance policies
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A, B and C were partners sharing profits in the ratio of 3:2:1. The firm had insured the partners lives separately, A for Rs. 60,000; B for Rs. 30,000 and C for Rs. 24,000. Premiums paid have been charged to P&L A/C, which is prepared annually on 31st March.B died on 30th June, 2017. On this date surrender value of the policies are 1/4 of the amount of policy. Under the partnership deed, the executors of the deceased partner are entitled to :(a)His capital as per Balance sheet(b)Interest on capital @ 10% p.a. upto the date of death
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