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Treatment of JLP in Partnership dissolution

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(Querist)
19 October 2016 should we transfer jlp to Realisation account if jlp reserve is given in balance sheet at liability side?
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Thrissurkkaran Ishtan

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Thrissurkkaran Ishtan (Expert)
19 October 2016 Yes.
Debit JLP Reserve A/c
Credit Realisation A/c
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Thrissurkkaran Ishtan

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Thrissurkkaran Ishtan (Expert)
19 October 2016 Check this link for more details and entries also
http://www.meritnation.com/ask-answer/question/how-to-treat-joint-life-policy-in-dissolution-of-partnership/dissolution-of-partnership-firm/6749940




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