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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 Accountc)Current Accountd)Reserves Account
b) Partners' Capital Account.
When a new partner is admitted to a partnership, the general revenue at the time of admission is transferred to the Partners' Capital Account. This is done to adjust the capital balances of the existing partners and to reflect the new partner's capital contribution. The existing partners' capital accounts are credited with their respective share of the general revenue, and the new partner's capital account is debited with the amount of their capital contribution. This ensures that the total capital of the partnership remains unchanged, and that the new partner has a share in the partnership's assets and profits.
b) Partners' Capital Account.
When a new partner is admitted to a partnership, the general revenue at the time of admission is transferred to the Partners' Capital Account. This is done to adjust the capital balances of the existing partners and to reflect the new partner's capital contribution. The existing partners' capital accounts are credited with their respective share of the general revenue, and the new partner's capital account is debited with the amount of their capital contribution. This ensures that the total capital of the partnership remains unchanged, and that the new partner has a share in the partnership's assets and profits.
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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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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 Class 12 2024 is part of Class 12 preparation. The Question and answers have been prepared according to the Class 12 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 Class 12 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?.
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