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Financial Accounting

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(Querist)
28 January 2009 Can any one please explain me how to adjust old credit balance of Creditors written back on the date of retirement of a partner while revaluing assets and liabilities? Will it be a reduction in liabilities or increase?
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Vinod Jain

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Vinod Jain (Expert)
28 January 2009 It is reduction in Liabilities as amount written back will reduce the Current Liabilities

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