CA Foundation Exam > CA Foundation Questions > General Revenue at time of admission of a new...
Start Learning for Free
General Revenue at time of admission of a new partner is transferred to:
- a)Profit and Loss Adjustment Account
- b)Partners’ Capital Account
- c)Revaluation account
- d)Memorandum revaluation account
Correct answer is option 'B'. Can you explain this answer?
| FREE This question is part of | Download PDF Attempt this Test |
Most Upvoted Answer
General Revenue at time of admission of a new partner is transferred t...
' Capital Accountsc)Current Accountsd)Reserves and Surplus Account
b) Partners' Capital Accounts.
When a new partner is admitted to a partnership, the general revenue at the time of admission is transferred to the capital accounts of the existing partners. This is done to maintain the balance of the accounting equation and to ensure that the new partner's capital contribution is properly recorded. The Profit and Loss Adjustment Account is used to distribute profits or losses among the partners at the end of the accounting period, while current accounts are used to keep track of partners' drawings and other transactions. Reserves and Surplus Account is used to record profits that are not distributed to partners as dividends.
b) Partners' Capital Accounts.
When a new partner is admitted to a partnership, the general revenue at the time of admission is transferred to the capital accounts of the existing partners. This is done to maintain the balance of the accounting equation and to ensure that the new partner's capital contribution is properly recorded. The Profit and Loss Adjustment Account is used to distribute profits or losses among the partners at the end of the accounting period, while current accounts are used to keep track of partners' drawings and other transactions. Reserves and Surplus Account is used to record profits that are not distributed to partners as dividends.
Attention CA Foundation Students!
To make sure you are not studying endlessly, EduRev has designed CA Foundation study material, with Structured Courses, Videos, & Test Series. Plus get personalized analysis, doubt solving and improvement plans to achieve a great score in CA Foundation.
|
Explore Courses for CA Foundation exam
|
|
Similar CA Foundation Doubts
Top Courses for CA FoundationView all
General Revenue at time of admission of a new partner is transferred to:a)Profit and Loss Adjustment Accountb)Partners’ Capital Accountc)Revaluation accountd)Memorandum revaluation accountCorrect answer is option 'B'. Can you explain this answer?
Question Description
General Revenue at time of admission of a new partner is transferred to:a)Profit and Loss Adjustment Accountb)Partners’ Capital Accountc)Revaluation accountd)Memorandum revaluation accountCorrect answer is option 'B'. Can you explain this answer? for CA Foundation 2024 is part of CA Foundation preparation. The Question and answers have been prepared according to the CA Foundation exam syllabus. Information about General Revenue at time of admission of a new partner is transferred to:a)Profit and Loss Adjustment Accountb)Partners’ Capital Accountc)Revaluation accountd)Memorandum revaluation accountCorrect answer is option 'B'. Can you explain this answer? covers all topics & solutions for CA Foundation 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for General Revenue at time of admission of a new partner is transferred to:a)Profit and Loss Adjustment Accountb)Partners’ Capital Accountc)Revaluation accountd)Memorandum revaluation accountCorrect answer is option 'B'. Can you explain this answer?.
General Revenue at time of admission of a new partner is transferred to:a)Profit and Loss Adjustment Accountb)Partners’ Capital Accountc)Revaluation accountd)Memorandum revaluation accountCorrect answer is option 'B'. Can you explain this answer? for CA Foundation 2024 is part of CA Foundation preparation. The Question and answers have been prepared according to the CA Foundation exam syllabus. Information about General Revenue at time of admission of a new partner is transferred to:a)Profit and Loss Adjustment Accountb)Partners’ Capital Accountc)Revaluation accountd)Memorandum revaluation accountCorrect answer is option 'B'. Can you explain this answer? covers all topics & solutions for CA Foundation 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for General Revenue at time of admission of a new partner is transferred to:a)Profit and Loss Adjustment Accountb)Partners’ Capital Accountc)Revaluation accountd)Memorandum revaluation accountCorrect answer is option 'B'. Can you explain this answer?.
Solutions for General Revenue at time of admission of a new partner is transferred to:a)Profit and Loss Adjustment Accountb)Partners’ Capital Accountc)Revaluation accountd)Memorandum revaluation accountCorrect answer is option 'B'. Can you explain this answer? in English & in Hindi are available as part of our courses for CA Foundation.
Download more important topics, notes, lectures and mock test series for CA Foundation Exam by signing up for free.
Here you can find the meaning of General Revenue at time of admission of a new partner is transferred to:a)Profit and Loss Adjustment Accountb)Partners’ Capital Accountc)Revaluation accountd)Memorandum revaluation accountCorrect answer is option 'B'. Can you explain this answer? defined & explained in the simplest way possible. Besides giving the explanation of
General Revenue at time of admission of a new partner is transferred to:a)Profit and Loss Adjustment Accountb)Partners’ Capital Accountc)Revaluation accountd)Memorandum revaluation accountCorrect answer is option 'B'. Can you explain this answer?, a detailed solution for General Revenue at time of admission of a new partner is transferred to:a)Profit and Loss Adjustment Accountb)Partners’ Capital Accountc)Revaluation accountd)Memorandum revaluation accountCorrect answer is option 'B'. Can you explain this answer? has been provided alongside types of General Revenue at time of admission of a new partner is transferred to:a)Profit and Loss Adjustment Accountb)Partners’ Capital Accountc)Revaluation accountd)Memorandum revaluation accountCorrect answer is option 'B'. Can you explain this answer? theory, EduRev gives you an
ample number of questions to practice General Revenue at time of admission of a new partner is transferred to:a)Profit and Loss Adjustment Accountb)Partners’ Capital Accountc)Revaluation accountd)Memorandum revaluation accountCorrect answer is option 'B'. Can you explain this answer? tests, examples and also practice CA Foundation tests.
|
|
Explore Courses for CA Foundation exam
|
|
Suggested Free Tests
Signup for Free!
Signup to see your scores go up within 7 days! Learn & Practice with 1000+ FREE Notes, Videos & Tests.
|
© EduRev
|
Education Revolution
|
Follow Us
|
Signup to see your scores
go up within 7 days!
Access 1000+ FREE Docs, Videos and Tests
Takes less than 10 seconds to signup