Question

The general reserve appearing in the liability side of balance sheet of admission of a partner will transfer to capital account *​

Answer 1

Answer:

Sometimes a firm may have accumulated reserves not yet transferred to the partner's capitals accounts. These are in the form of general reserve, reserve fund etc. The new partner is not entitled to share in these reserves. Hence, at the time of admission, these reserves are transferred to the old partner's capital accounts in their profit sharing ratio.

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