If at the time of admission, some positive balance of Profit... | Accountancy | SolveeIt | Solveeit

Today, August 18

Question

If at the time of admission, some positive balance of Profit and Loss A/C appears in the books, it will be transferred to:

A

Profit and Loss account

B

Revaluation Account

C

Old Partner's Capital Account

D

All Partners Capital Account

Answer

Old Partner's Capital Account

Explanation

Solution

The correct option is (C): Old Partner's Capital Account