Question : At the time of the death of a partner deceased partner's Drawings and Interest on drawings will be ----------- to his capital account.
Option 1: Debited
Option 2: Credited
Option 3: Either 1 and 2
Option 4: None of the above
Correct Answer: Debited
Solution : Answer = Debited
At the time of death of a partner, the deceased partner's Drawings and Interest on Drawings will be debited to his capital account. This adjustment ensures that the deceased partner's capital account accurately reflects the amount owed to or by the partnership at the time of their death. Hence, the correct option is 1.
Question : When a partner pays unrecorded liability is --------------------debited and concerned ------------------------is credited.
Question : At the time of Death of a partner Deceased partner’s share of profit earned from the beginning of the financial year up to the date of death. Will be -------- to his capital account
Question : In the case of fixed capital, interest on capital
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