Which pair is correct?

Correct answer: General reserve accumulated profit

An accumulated profit is a profit earned in earlier periods and retained in the business instead of being distributed immediately. General Reserve is created from such undistributed profits, so it is correctly described as an accumulated profit item. When a partnership is reconstituted, this reserve is normally transferred to the old partners’ capital or current accounts in their old profit-sharing ratio.

The other choices are incorrect because preliminary expenses, a debit balance of Profit and Loss Account, and advertisement suspense expenditure represent losses or expenses, not accumulated profits. A debit balance indicates an amount to be written off or borne by partners. Therefore, the correct pair is “General reserve—accumulated profit,” which is option A. The classification depends on the nature of the balance, not merely on the word used in its name.