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RP
Question Practice

During the admission of a partner, how should the debit balance of the profit and loss account be handled?

Attempt the question, check the explanation, and continue with similar questions to build confidence before exams.

MCQ_SA
CBSE
Class 12
Accountancy
Accountancy Part - I
Reconstitution of a Partnershi...
Question Bank

During the admission of a part...

Single Answer MCQ
Q-00082171

During the admission of a partner, how should the debit balance of the profit and loss account be handled?

1

Transferred to the new partner's capital account

2

Ignored since it's not crucial for the new partner

3

Allocated to existing partners' accounts

4

Added to the firm's liabilities

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Q1.

What is reconstitution of a partnership firm?

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Q2.

What are the different modes of reconstitution of a partnership firm?

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Q3.

When can a new partner be admitted into a partnership firm?

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Q4.

What rights does a newly admitted partner acquire in a partnership firm?

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