CUET Preparation Today
When the deceased partner's share in the estimated loss is calculated for a period from the date of the latest Balance Sheet to the date of death of the partner, then: |
Profit and Loss Suspense Account will be debited and the Old Partner's Capital Account will be credited. Profit and Loss Suspense Account will be debited and the Gaining Partner's Capital Account will be credited. Profit and Loss Suspense Account will be debited and Deceased Partner's Capital Account will be credited. Profit and Loss Suspense Account will be credited and Deceased Partner's Capital Account will be debited. |
Profit and Loss Suspense Account will be credited and Deceased Partner's Capital Account will be debited. |
The correct answer is Option (4) → Profit and Loss Suspense Account will be credited and Deceased Partner's Capital Account will be debited. |
