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प्रश्न
State whether the following statement is true or false with reason.
Retiring partner is not entitled to share in general reserve and accumulated profit.
विकल्प
True
False
उत्तर
This statement is False.
Explanation:
General reserve and accumulated profit are created out of past undistributed profit, such profits are the outcome of hard work of all the partners including retiring partners. Hence, retiring partner’s has the right to share general reserve and accumulated profit. He is, therefore, entitled to get a share in general reserve and accumulated profit.
APPEARS IN
संबंधित प्रश्न
The Profit or Loss from revaluation on the retirement of a partner is shared by ______.
Decrease in the value of assets should be ______ to Profit and Loss Adjustment Account.
Decrease in the value of assets should be ______ to Profit and Loss Adjustment Account.
Decrease in the value of assets should be ______ to Profit and Loss Adjustment Account.
Do you agree or disagree with the following statements:
Accumulated profit is to be shown on Assets side of Balance sheet.
Decrease in the value of assets should be ______ to Profit and Loss Adjustment Account.
Retiring partner is entitled to share in Reserve Fundand Accumulated Profit.
Decrease in the value of assets should be ______ to Profit and Loss Adjustment Account.
Decrease in the value of assets should be ______ to Profit and Loss Adjustment Account.
Decrease in the value of assets should be ______ to Profit and Loss Adjustment Account.
Decrease in the value of assets should be ______ to Profit and Loss Adjustment Account.
Decrease in the value of assets should be ______ to Profit and Loss Adjustment Account.
Descrease in the value of assets should be ______ to Profit and Loss Adjustment Account.
