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mediumMCQCUET Accountancy 2022 20 July Shift 12026Accountancy
1 mark

On the death of a partner, his share in the loss of the firm till the date of his death is transferred to:

  1. A
    Debit side of P and L a/c
  2. B
    Credit side of P and L suspense a/c
  3. C
    Debit side of P and L Suspense a/c
  4. D
    Credit side of P and L a/c

Solution & Step-by-step Explanation

If there is an estimated loss till the date of death, the entry is:Deceased Partner's Capital A/c Dr.To Profit and Loss Suspense A/cThus, it is transferred to the credit side of the P&L Suspense Account.

Practice this question

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On the death of a partner, his share in the loss of the firm till the date of his death is transferred to:
A
Debit side of P and L a/c
B
Credit side of P and L suspense a/c
C
Debit side of P and L Suspense a/c
D
Credit side of P and L a/c

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PartnershipRetirement/Death

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