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EFFECT OF CANCELLATION OF PARTNERSHIP IN PARTNER ACC

This query is : Resolved 
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(Querist)
26 June 2010 ONE OF OUR CLIENTS CAPITAL IN PARTNERSHI FIRM(CL. BAL ON 31/03/10) IS 240000/-

INVESTMENT IN HIS PERSONAL BAL. SHEET IS ALSO 240000/-.

HE WANTS TO CLOSE THE PARTNERSHIP FIRM THEN WHAT WILL BE ENTRY IN THE BOA OF THE PARTNER.

URGENTLY WAITING FOR REPLY.
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Alok Ranjan

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Alok Ranjan (Expert)
27 June 2010 Dear Abhishek,

First of all partnership firm will start the process of dissolution and then the accounting entries in this case will be as under :
1. It will have to prepared Realisation Account and Profit or Loss on realisation of assets & liabilities will tranfer to partners capital account and final claim of partners capital will be setteled as under :

Parteners Capital (Individualy) A/c Dr.
To Cash / Bank A/c
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