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 : ____ Option 1: Profit & Loss A/C credit side Option 2: Profit & Loss suspense A/C debit side Option 3: Retiring partners capital A/C debit side Option 4: Profit & Loss suspense A/C credit side

The answer is 'Profit & Loss suspense A/C debit side'. View full solution:

CUET Accountancy - 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 : ____ | PYQs + Solutions

CUET Accountancy 2022 30 Aug Shift 2

Partnership

Medium

Profit & Loss A/C credit side

Profit & Loss suspense A/C debit side

Retiring partners capital A/C debit side

Profit & Loss suspense A/C credit side

✅ Correct Option: 2