Question:
If a partner retires in the middle of the year his/her share of profit from the date of last balance sheet till the date of retirement will be transferred to :
If a partner retires in the middle of the year his/her share of profit from the date of last balance sheet till the date of retirement will be transferred to :
Updated On: May 16, 2024
- Profit & Loss A/C credit side
- Profit & Loss suspense A/C debit side
- Retiring partners capital A/C debit side
- Profit & Loss suspense A/C credit side
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The Correct Option is B
Solution and Explanation
The correct option is (B): Profit & Loss suspense A/C debit side
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