At admission, the credit balance of Profit and Loss account represents undistributed profits belonging to old partners. It is distributed to old partners in their old profit sharing ratio and transferred to old partners' capital accounts.
At the time of admission, credit balance of Profit and Loss account appearing in books will be transferred to :
Held on 11 Jun 2023 · Verified 13 Jul 2026.
Profit and Loss account
Revaluation account
Old partner's capital account
All partners capital account
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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.