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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?
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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.
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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?
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