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Journal Entry to be passed in case of loss on adjustment transferred to Partner's Current Accounts is: -

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Question

Journal Entry to be passed in case of loss on adjustment transferred to Partner's Current Accounts is:

Options

  • Profit and Loss Appropriation A/c  Dr.
         To Partners' Current A/c

  • Partners' Current A/c   Dr.
          To Profit and Loss Adjustment A/c

  • Partner's Current A/c  Dr.
         To Partner's Capital A/c

  • None of the above

MCQ

Solution

Partners' Current A/c   Dr.
      To Profit and Loss Adjustment A/c

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Distribution of Accumulated Profits, Reserves and Losses
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