Use app×
Join Bloom Tuition
One on One Online Tuition
JEE MAIN 2025 Foundation Course
NEET 2025 Foundation Course
CLASS 12 FOUNDATION COURSE
CLASS 10 FOUNDATION COURSE
CLASS 9 FOUNDATION COURSE
CLASS 8 FOUNDATION COURSE
0 votes
412 views
in Reconstitution of a Partnership Firm – Retirement/Death of a Partner by (25.6k points)
retagged by

What is the treatment of accumulated profits or losses on the retirement of a partner?

1 Answer

+1 vote
by (27.3k points)
selected by
 
Best answer

The general reserve and accumulated profits or losses are transferred to all partners’ capital accounts in their profit sharing ratio. The general reserve and accumulated profits are transferred to the credit side of the account and the accumulated losses to the debit side.

Welcome to Sarthaks eConnect: A unique platform where students can interact with teachers/experts/students to get solutions to their queries. Students (upto class 10+2) preparing for All Government Exams, CBSE Board Exam, ICSE Board Exam, State Board Exam, JEE (Mains+Advance) and NEET can ask questions from any subject and get quick answers by subject teachers/ experts/mentors/students.

...