Choose the correct sequence of the following transactions in the context of the Division of Profits:
Choose the correct sequence of the following transactions in the context of the Division of Profits:
a) Guarantee by Firm to Partners
b) Guarantee by Partners to Firm
c) Transfer of Profits and Loss Appropriation Account
d) Guarantee by Partner to Partner
a) i), iii), iv), ii)
b) iii), i), ii), iv)
c) iii), ii), i) iv)
d) ii), iii), iv), i)
Anurag Pathak Changed status to publish April 9, 2023
Ans – c)
First Profit is transferred to the Profit and Loss Appropriation Account.
Second it is raised by guarantee given by partners to the firm
Third guarantee give by firm to the partner is considered
At the end guarantee given by one partner to another partner is considered
Anurag Pathak Changed status to publish April 4, 2023
