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Reconstitution Of A Partnership Firm – Admission Of A Partner — Accountancy STD 12 Commerce — Question

CBSE BoardEnglish MediumSTD 12 CommerceAccountancyReconstitution Of A Partnership Firm – Admission Of A Partner1 Mark
MCQ
On the admission of a new partner, the decrease in the value of assets is debited to:
  • A
    Asset Account
  • ✓
    Profit & Loss Adjustment Account
  • C
    Old Partner's Capital Account
  • D
    None of the above
✓

Answer

Correct option: B.
Profit & Loss Adjustment Account
A Memorandum Profit and Loss Adjustment Account will be opened in the books. The increase in the value of assets or decrease in the value of liabilities will be credited to this account.

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