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RP
Question Practice

Which accounting entry is correct when transferring accumulated profits during a partner's admission?

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

Which accounting entry is corr...

Single Answer MCQ
Q-00082175

Which accounting entry is correct when transferring accumulated profits during a partner's admission?

1

Debit Capital Accounts, Credit General Reserve

2

Debit General Reserve, Credit Capital Accounts

3

Debit Profit and Loss, Credit Cash

4

Debit Cash, Credit Capital Accounts

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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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