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Journal Entries for Change in PSR

General Reser...

Question

General Reserve is distributed among partners in the ____________ ratio.

A

none of the above

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B

equal

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C

new

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D

old

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Solution

The correct option is D
old

General Reserve is distributed among partners in the old ratio.

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Similar questions

Q. Credit balance of Profit & Loss Account shown in the liabilities side is accumulated profit and at the time of admission of a new partner, it is fully distributed among old partners in their old ratio.

Q. Objective Type Questions :
Answer in one sentence only.

In what proportion is general reserve distributed amongst the old partners?

Q. On retirement of a partner, the existing balance of general reserve and accumulated profit is transferred to all the partners capital a/c in the ____________.

Q. In case of admission of a new partner, the profit and loss arising from revaluation account are distributed between the old partners in the ratio.

A

B

were partners in a firm sharing profit in

4 : 3

1^{s t}

April,2018, they admitted

C

as a new partner. On the date of

C^{'} s

admission, the Balance Sheet of

A

B

showed a General Reserve of

R s . 84, 000

and a debit balance of

R s . 8, 400

in the 'Profit and Loss Account'. Pass necessary Journal entries.

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Journal Entries for Change in PSR

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