On death of a partner, his share of loss till date of death reduces his capital. The entry is: Deceased Partner's Capital A/c Dr, To Profit and Loss Suspense A/c. Hence the loss is transferred to the credit side of P and L Suspense A/c.
On the death of a partner, his share in the loss of the firm till the date of his death is transfered to :
Held on 20 Jul 2022 · Verified 13 Jul 2026.
Debit side of P and L a/c
Credit side of P and L suspense a/c
Debit side of P and L Suspense a/c
Credit side of P and L a/c
Sign in to track your attempts and accuracy.
Sign in to keep a private note on this question. Nothing you write is ever public.
An unrecorded asset is taken over by a creditor in full settlement in such a case
The liability of partners is
As per AS-26 Intangible assets like goodwill should be written off.
Identify the correct statement from the given below :-
By virtue of which section of the Indian Partnership Act 1932, partnership is defined as 'the relation between persons who have agreed to share the profits of a business carried on by all or any of them acting for all'.
Work through every CUET UG Partnership PYQ, year by year.