If at the of admission, some balance of profit and loss account appears in the books, it will be transferred to :
A. Profit and loss adjustment account
B. All partners’ capital account
C. Old partners’ capital account
D. Revaluation account
Answer:C
If at the of admission, some balance of profit and loss account appears in the books, it will be transferred to :
A. Profit and loss adjustment account B. All partners’ capital account C. Old partners’ capital account D. Revaluation account