HomeTestsSearchRankProfile
mediumMCQCUET Accountancy 2022 30 Aug Shift 22026Accountancy
1 mark

If a partner retires in the middle of the year his/her share of profit from the date of last balance sheet till the date of retirement will be transferred to : ____

  1. A
    Profit & Loss A/C credit side
  2. B
    Profit & Loss suspense A/C debit side
  3. C
    Retiring partners capital A/C debit side
  4. D
    Profit & Loss suspense A/C credit side

Solution & Step-by-step Explanation

When a partner retires mid-year, their share of profit up to the date of retirement is provided through the Profit & Loss Suspense A/c (which is debited) and credited to the Retiring Partner's Capital A/c.

Practice this question

Try it yourself before checking the explanation above.

If a partner retires in the middle of the year his/her share of profit from the date of last balance sheet till the date of retirement will be transferred to : ____
A
Profit & Loss A/C credit side
B
Profit & Loss suspense A/C debit side
C
Retiring partners capital A/C debit side
D
Profit & Loss suspense A/C credit side

Share This Question

PartnershipRetirement/Death

Related Questions

easyMCQ

Which one of the following statements is true?

easyMCQ

Which of the following statements is not correct?

easyMCQ

Which one of the following statements is correct?

easyMCQ

The product formed by the reaction of an aldehyde with a primary amine is:

easyMCQ

Which part of the tobacco plant is infected by Meloidogyne incognita?

easyMCQ

The term ecosystem was coined by:

Ready for a Full Test?

Practice with timed mock tests and track your performance across Accountancy.

Browse TestsLeaderboard

Discussion