If at the time of admission of new partner, Profit and Loss Account balance appears in the books, it will the transferred to:
A. Profit & Loss Appropriation A/c
B. All Partners’ Capital A/cs
C. Old Partners’ Capital A/cs
D. Revaluation A/c
Answer:C
If at the time of admission of new partner, Profit and Loss Account balance appears in the books, it will the transferred to:
A. Profit & Loss Appropriation A/c B. All Partners’ Capital A/cs C. Old Partners’ Capital A/cs D. Revaluation A/c