CBSE 2025, Set 3

Question

Match the items in Column I with those in Column II in the context of Admission of a partner and select the correct option:
| Column I | Column II | |---|---| | (i) Decrease in value of an asset | (a) Debited to partners' capital accounts in old profit sharing ratio | | (ii) Accumulated profit | (b) Credited to partners' capital accounts in old profit sharing ratio | | (iii) Loss on revaluation | (c) Debited to Revaluation Account | A). (i)-(a), (ii)-(b), (iii)-(c) B). (i)-(c), (ii)-(b), (iii)-(a) C). (i)-(b), (ii)-(c), (iii)-(a) D). (i)-(a), (ii)-(c), (iii)-(b)

Edvaya · Accepted Answer

The correct answer is (i)-(c), (ii)-(b), (iii)-(a). (B) (i)-(c), (ii)-(b), (iii)-(a) **Explanation:** (i) Decrease in asset value is a loss, debited to Revaluation A/c (c). (ii) Accumulated profit is distributed, credited to partners' capital accounts (b). (iii) Loss on revaluation is transferred, debited to partners' capital accounts (a).

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Accountancy > Accounting For Partnership Firms > Admission Of A Partner

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Column I	Column II
(i) Decrease in value of an asset	(a) Debited to partners' capital accounts in old profit sharing ratio
(ii) Accumulated profit	(b) Credited to partners' capital accounts in old profit sharing ratio
(iii) Loss on revaluation	(c) Debited to Revaluation Account