How does drop rate accessory work when in a party

Hi,

Say me and a buddy went and got magnus down to 5% then i equipped my % drop rings/pendants etc. Does this increase the drop rate of the whole run ?
What if we both swapped equips to drop rate. Can someone please explain how the mechanism works when in a party?

I'm not 100% sure but I think the drop rate only applies to the person dealing the last blow to the monster