A, B and C were partners sharing profits and losses in the ratio of 3 : 2 : 1. C died on 1st August, 2022 and his share of profit from the begining of the accounting year upto the date of death amounted to Rs. 70,000. C's share of profit will be debited to :

Question

Option 1: Profit and Loss Account

Option 2: Profit and Loss Adjustment Account

Option 3: Profit and Loss Appopriation Account

Option 4: Profit and Loss Suspence Account

AfterBoards · Accepted Answer

The answer is 'Profit and Loss Suspence Account'. View full solution:

CUET Accountancy 2022 20 July Shift 1 PYQs

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