Question

when a new partners is admitted the balance of general reserve appearing in the balance sheet ay the time of admission is credited to which 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.

Explanation:

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