Question

Share of profit of a deceased partner till the date of death is ________. (Fill in the blank by choosing correct option)
(a) debited to P/L Adjustment A/c
(b) credited to P/L Arlinctmont A/c
(c) debited to P/L Suspense A/c
(d) credited to P/L Suspense A/c

Answer 1

HEY. .

IT DEBITED TO PROFIT AND LOSS SUSPENSE AC

Answer 2

In this case, the right option will be option C i.e debited to profit and loss suspension account.

This is because, when a partner dies, the overall calculation will be made and at that point of time, the firm cannot sit back and change all records available for that financial year once again.

So the third option is taken under consideration. It will be suspended and there will not be any case of adjustment.

So share of profit of a deceased partner till the date of death is debited to P/L suspense A/c.