Question : What journal entry will be made of accumulated profits and losses on the death of partner?
Option 1: Deceased Partner’s Capital A/c Dr.
To Profit and Loss A/c
Option 2: Profit and Loss A/c Dr.
To Deceased Partner’s Capital A/c
Option 3: Deceased Partner’s Capital A/c Dr.
To Profit and Loss Suspense A/c
Option 4: Profit and Loss Suspense A/c Dr.
To Deceased Partner’s Capital A/c
Answer (1)
25th Jan, 2024
Correct Answer: Profit and Loss Suspense A/c Dr.
To Deceased Partner’s Capital A/c
Solution : Profit and Loss Suspense A/c Dr.
To Deceased Partner’s Capital A/c
Hence the correct answer is option 4.
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