At the time of admission, credit balance of Profit and Loss account appearing in books will be transferred to : Option 1: Profit and Loss account Option 2: Revaluation account Option 3: Old partner's capital account Option 4: All partners capital account

The answer is 'Old partner's capital account'. View full solution:

CUET Accountancy - At the time of admission, credit balance of Profit and Loss account appearing in books will be transferred to : | PYQs + Solutions

CUET Accountancy 2023 11 June Shift 3

Partnership

Easy

Profit and Loss account

Revaluation account

Old partner's capital account

All partners capital account

✅ Correct Option: 3

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CUET Accountancy 2023 11 June Shift 3 PYQs

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