To transfer all the accumulated profits, the journal entry is (2024)

1

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Adjustment of Reserves

To transfer a...

Question

A

Partner’s capital A/c Dr.

To Accumulated Profits/ Reserves A/c

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C

Realisation A/c Dr.

To Accumulated Profits/ Reserves A/c

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D

Realisation A/c Dr.

To Partner’s capital A/c

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Solution

The correct option is B

Accumulated Profits/ Reserves A/c Dr.

To Partner’s capital A/c

To transfer all the accumulated profits, the journal entry is -

Accumulated Profits/ Reserves A/c Dr.

To Partner’s capital A/c


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