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Class 12AccountancyReconstitution - Admission of a PartnerReservesEasy
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Which entry is made for writing off debit balance of Profit and Loss Account?

Answer and explanation

Correct answer: Debit old partners capital accounts and credit Profit and Loss Account

Debit balance is old loss and old partners bear it. Therefore their capital accounts are debited.

Related tags

Profit And Loss DebitJournal EntryLossReservesReconstitution 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 how is credit balance of Profit and Loss Account treated?
  3. 3At the time of admission what does debit balance of Profit and Loss Account show?
  4. 4A 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?
  5. 5X 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?
  6. 6Why does the new partner not receive a share of the old General Reserve?
  7. 7Which is the correct journal entry for distributing general reserve?
  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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