When no specific information or agreement exists between partners, the share of profit belonging to a retiring or deceased partner is absorbed by the remaining partners according to the Old Profit Sharing Ratio. This ratio dictates how the remaining partners will distribute that share, based on the proportions established prior to the partner's departure or demise.
The Old Profit Sharing Ratio is defined as the proportion in which partners historically divided business profits and losses before a partner's retirement or death.
Consequently, the accurate response is (B): Old Profit Sharing Ratio.