Unrecorded Assets or liabilities are transferred to
Unrecorded Assets or liabilities are transferred to
a) Partner’s Capital Accounts
b) Revaluation Account
c) Profit and Loss Account
d) Partner’s Current Account
Anurag Pathak Changed status to publish June 1, 2023
Ans – b)
Explanation:-
At the time of change in profit sharing ratio. The revaluation of Assets and liabilities is carried out. Thus all unrecorded assets are credited and liabilities are debited to the revaluation account.
The final revaluation profit and losses are transferred to partners.
Anurag Pathak Changed status to publish June 1, 2023
