General Reserve is an accumulated profit of the old partners earned before the admission of the new partner. Therefore, it must be distributed among the old partners in their old profit sharing ratio and credited to their capital accounts.
At the time of admission of a new partner general reserve appearing in the old balance sheet is transferred to _______
Held on 30 Aug 2022 · Verified 13 Jul 2026.
All Partner's Capital A/C
New Partner's Capital A/C
Old Partner's Capital A/C
Gaining Partner's Capital A/C
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