Question : Choose the correct Journal entry, when deceased partners share is loss:
Option 1: Deceased Partner’s Capital A/c ...Dr.
To Profit and Loss Suspense A/c
Option 2: Deceased partner’s capital account Dr
To profit and loss Adjustment Account
Option 3: Deceased partner’s capital Account Dr
To profit and loss account
Option 4: None of the above
Answer (1)
10th Jan, 2024
Correct Answer: Deceased Partner’s Capital A/c ...Dr.
To Profit and Loss Suspense A/c
Solution : Answer = Deceased Partner’s Capital A/c Dr.
To Profit and Loss Suspense A/c
In case of loss of profit and loss, suspense accounts will be credited and the deceased partners' capital will be debited.
Hence, the correct option is 1.
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