{"id":57049,"date":"2024-04-16T00:55:19","date_gmt":"2024-04-16T00:55:19","guid":{"rendered":"https:\/\/exam.pscnotes.com\/mcq\/?p=57049"},"modified":"2024-04-16T00:55:19","modified_gmt":"2024-04-16T00:55:19","slug":"on-dissolution-of-a-partnership-firm-the-debit-balance-of-profit-and-loss-a-c-is-transferred-to","status":"publish","type":"post","link":"https:\/\/exam.pscnotes.com\/mcq\/on-dissolution-of-a-partnership-firm-the-debit-balance-of-profit-and-loss-a-c-is-transferred-to\/","title":{"rendered":"On dissolution of a partnership firm the debit balance of profit and loss A\/c is transferred to:"},"content":{"rendered":"<p>[amp_mcq option1=&#8221;Realisation A\/c&#8221; option2=&#8221;Reserve A\/c&#8221; option3=&#8221;Revalution A\/c&#8221; option4=&#8221;Partner&#8217;s Capital A\/c&#8221; correct=&#8221;option4&#8243;]<!--more--><\/p>\n<p>The correct answer is <strong>D. Partner&#8217;s Capital A\/c<\/strong>.<\/p>\n<p>On dissolution of a partnership firm, the debit balance of profit and loss account is transferred to the partners&#8217; capital accounts in the ratio of their profit sharing ratio. This is because the debit balance of profit and loss account represents the accumulated losses of the firm, which must be borne by the partners.<\/p>\n<p>The other options are incorrect because:<\/p>\n<ul>\n<li>Option A, Realisation Account, is used to record the assets and liabilities of the firm at the time of dissolution.<\/li>\n<li>Option B, Reserve Account, is a type of account that is used to record retained earnings.<\/li>\n<li>Option C, Revaluation Account, is used to record the revaluation of assets and liabilities at the time of dissolution.<\/li>\n<\/ul>\n<p>I hope this helps!<\/p>\n","protected":false},"excerpt":{"rendered":"<p>[amp_mcq option1=&#8221;Realisation A\/c&#8221; option2=&#8221;Reserve A\/c&#8221; option3=&#8221;Revalution A\/c&#8221; option4=&#8221;Partner&#8217;s Capital A\/c&#8221; correct=&#8221;option4&#8243;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[85],"tags":[],"class_list":["post-57049","post","type-post","status-publish","format-standard","hentry","category-accounting","no-featured-image-padding"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v22.2 (Yoast SEO v23.3) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>On dissolution of a partnership firm the debit balance of profit and loss A\/c is transferred to:<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/exam.pscnotes.com\/mcq\/on-dissolution-of-a-partnership-firm-the-debit-balance-of-profit-and-loss-a-c-is-transferred-to\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"On dissolution of a partnership firm the debit balance of profit and loss A\/c is transferred to:\" \/>\n<meta property=\"og:description\" content=\"[amp_mcq option1=&#8221;Realisation A\/c&#8221; 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