Practicing Success
Share of profit of a deceased partner's will be debited to : |
Profit and Loss Appropriation A/c Partner's Capital A/c Revaluation A/c Profit and Loss Suspense A/c |
Profit and Loss Suspense A/c |
The correct answer is Option (4) - Profit and Loss Suspense A/c. To account for the deceased partner's share of profits and loss during the interim period in the company's financial records, the following journal entry is recorded: FOR PROFIT- FOR LOSS- |