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Class 12AccountancyReconstitution - Admission of a PartnerReservesEasy
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At the time of admission how is credit balance of Profit and Loss Account treated?

Answer and explanation

Correct answer: Accumulated profit

Credit balance of Profit and Loss Account is accumulated profit. It is shared among old partners in old ratio.

Related tags

Profit And Loss CreditAccumulated ProfitAdmissionReservesReconstitution Admission Of A PartnerAccountancyClass 12 Mcq
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10 more MCQs
  1. 1At the time of admission of a new partner to whom is general reserve given?
  2. 2At the time of admission what does debit balance of Profit and Loss Account show?
  3. 3A and B share profits in the old ratio of 3:2. At the time of admission of a new partner, the general reserve is ₹50,000. How much will A receive from the general reserve?
  4. 4X and Y are partners sharing profits in the old ratio of 4:1. The firm's reserve fund is ₹25,000. On reconstitution of the partnership, what share of the reserve fund will Y receive?
  5. 5Why does the new partner not receive a share of the old General Reserve?
  6. 6Which is the correct journal entry for distributing general reserve?
  7. 7Which entry is made for writing off debit balance of Profit and Loss Account?
  8. 8Profit and Loss Account has credit balance ₹30000. A and B share in 2:1. How much will be credited to B?
  9. 9A firm's Profit and Loss Account has a debit balance of ₹18,000. Partners A and B share profits and losses in the old ratio of 5:4. What amount will be debited to A's Capital Account?
  10. 10At admission of a new partner in which ratio are accumulated profits distributed?
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