Question
Accountancy Question on Balance sheet statement
If a partner retires in the middle of the year his/her share of profit from the date of last balance sheet till the date of retirement will be transferred to :
A
Profit & Loss A/C credit side
B
Profit & Loss suspense A/C debit side
C
Retiring partners capital A/C debit side
D
Profit & Loss suspense A/C credit side
Answer
Profit & Loss suspense A/C debit side
Explanation
Solution
The correct option is (B): Profit & Loss suspense A/C debit side