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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


Team Careers360 1st Jan, 2024
Answer (1)
Team Careers360 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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