That's right - the Powerlink connectors / cables always carry both L + R signals, and the switch on the speaker selects which one it will be playing.
BL4000's have two Powerlink connectors in parallel, so if it suits your installation better, you can use one PL cable from the receiver to the first Beolab, then continue from there to the other speaker with another cable. You can use either one (or both) of the PL connectors in the Beomaster, they are functionally identical.