A credit (positive) balance of Profit and Loss A/c represents undistributed profits belonging to old partners. It is transferred to the Old Partners' Capital Accounts in their old profit sharing ratio at the time of admission.
If at the time of admission, some positive balance of Profit and Loss A/C appears in the books, it will be transferred to:
Held on 20 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.