CBSE (Arts) Class 12CBSE
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On the Death of a Partner, His Share in the Profits of the Firm Till the Date of His Death is Transferred to The: (1) Debit of Profit and Loss Account. (2) a Credit of Profit and Loss Account. (3) Debit of Profit and Loss Suspense Account (4) Credit of Profit and Loss Suspense Account - CBSE (Arts) Class 12 - Accountancy

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Question

On the death of a partner, his share in the profits of the firm till the date of his death is transferred to the:

(1) Debit of Profit and Loss Account.
(2) A credit of Profit and Loss Account.
(3) Debit of Profit and Loss Suspense Account
(4) A credit of Profit and Loss Suspense Account

Solution

Debit of Profit and Loss Suspense Account

On the death of a partner, the share of the partner in the profits of the firm till the date of his death is transferred to the debit of Profit and Loss Suspense Account

  Is there an error in this question or solution?
Solution On the Death of a Partner, His Share in the Profits of the Firm Till the Date of His Death is Transferred to The: (1) Debit of Profit and Loss Account. (2) a Credit of Profit and Loss Account. (3) Debit of Profit and Loss Suspense Account (4) Credit of Profit and Loss Suspense Account Concept: Change in the Profit Sharing Ratio Among the Existing Partners.
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