Question:
A, B, and C are partners sharing profits in the ratio of 3:2:1. C died on 1st July, 2023. On this date, final accounts were prepared to ascertain profits for the period. It resulted in a profit of ₹1,75,000 to the firm. To give effect to the above
A, B, and C are partners sharing profits in the ratio of 3:2:1. C died on 1st July, 2023. On this date, final accounts were prepared to ascertain profits for the period. It resulted in a profit of ₹1,75,000 to the firm. To give effect to the above
Updated On: Oct 29, 2024
- Profit and Loss Account will be debited
- Profit and Loss Appropriation Account will be debited
- Profit and Loss Account will be credited
- Profit and Loss Appropriation Account will be credited
Hide Solution
Verified By Collegedunia
The Correct Option is D
Solution and Explanation
The profit of ₹1,75,000 is transferred to the Profit and Loss Appropriation Account, as the appropriation account is responsible for distributing profits among partners.
Hence, the correct answer is Option 4.
Hence, the correct answer is Option 4.
Was this answer helpful?
0
0
Top Questions on Partnership Accounts
- The Deceased Partners Capital Account includes the following amount/balances:
(A) Opening balance of his capital
(B) His share of profit/loss till the date of death
(C) His share of General Reserve
.(D) His drawings till the date of death
(E) Amount paid to his executors- CUET (UG) - 2024
- Accountancy
- Partnership Accounts
- Identify the correct sequence to be followed while preparing the final account of a partnership firm:
(A) Profit and Loss Appropriation Account
(B) Profit and Loss Account
(C) Trading Account
(D) Balance Sheet- CUET (UG) - 2024
- Accountancy
- Partnership Accounts
- Match List-I with List-II
List-I List-II (A) Salary to partner (I) Credit side of Partners Capital Account (B) Interest on partners loan (II) Debit side of Partners Current Account (C) Interest on partners drawings (III) Debit side of Profit and Loss Account (D) Additional capital introduced (IV) Credit side of Partners Current Account
Choose the correct answer from the options given below:- CUET (UG) - 2024
- Accountancy
- Partnership Accounts
- Match List-I with List-II.
List-I (Equal amount of drawings made) List-II (Number of month for which interest calculated) (A) At the end of each half year (I) 4.5 months (B) At the beginning of each quarter (II) 6.5 months (C) At the beginning of each month (III) 7.5 months (D) At the end of each quarter (IV) 3 months
Choose the correct answer from the options given below :- CUET (UG) - 2024
- Accountancy
- Partnership Accounts
- A partnership can have maximum 50 partners. This limit has been set by the
- CUET (UG) - 2024
- Accountancy
- Partnership Accounts
View More Questions
Questions Asked in CUET exam
- A molecule X associates in a given solvent as per the following equation:
X ⇌ (X)n
For a given concentration of X, the van’t Hoff factor was found to be 0.80 and the
fraction of associated molecules was 0.3. The correct value of ‘n’ is:- CUET (UG) - 2024
- Solutions
- Who devised the concept of Intelligence Quotient (IQ)?
- CUET (UG) - 2024
- Psychological attributes
- Two pipes A and B can fill a tank in 32 minutes and 48 minutes respectively. If both the pipes are opened simultaneously, after how much time B should be turned off so that the tank is full in 20 minutes?
- CUET (UG) - 2024
- Time and Work
- If \(A = \begin{bmatrix} 3 & 2 \\ -1 & 1 \end{bmatrix} \quad \text{and} \quad B = \begin{bmatrix} -1 & 0 \\ 2 & 5 \\ 3 & 4 \end{bmatrix},\)then \((BA)^T\) is equal to:
- CUET (UG) - 2024
- Matrices
- The spin-only magnetic moment of Hexacyanomanganate(II) ion is.........BM
- CUET (UG) - 2024
- Magnetic moment
View More Questions