Reserve shown in the Balance sheet are transferred to the credit side of capital accounts at the time of retirement of a partner

True

Right on! Give the BNAT exam to get a 100% scholarship for BYJUS courses

False

No worries! We‘ve got your back. Try BYJU‘S free classes today!

Cannot say

No worries! We‘ve got your back. Try BYJU‘S free classes today!

None of these

No worries! We‘ve got your back. Try BYJU‘S free classes today!

Open in App

Solution

The correct option is A
True

Reserve shown in the Balance sheet are transferred to the credit side of capital accounts at the time of retirement of a partner.

Suggest Corrections

Similar questions

Q. When accumulated reserve is transferred to partner’s capital account at the time of retirement. Then, we debit the account and credit the account.

After transferring the general reserve to partners' capital account, will it be shown in the balance sheet?

Q. At the time of retirement, the partner's capital account is credited on the transfer of goodwill amount to their capital account.

Retiring partner’s share of goodwill is credited to his/her capital account at the time of retirement. State true of false.

If at the time of retirement of a partner, goodwill appears in the balance sheet of the firm, it will be written-off by debiting the capital accounts of ______

Join BYJU'S Learning Program

Reserve shown in the Balance sheet are transferred to the credit side of capital accounts at the time of retirement of a partner

The correct option is A True Reserve shown in the Balance sheet are transferred to the credit side of capital accounts at the time of retirement of a partner.

The correct option is A
True

Reserve shown in the Balance sheet are transferred to the credit side of capital accounts at the time of retirement of a partner.