Negative balance partners capital show in balance sheet
This query is : Open
25 October 2021
Sir,
A partnership firm cash withdrawal some amount one of the partner after negative balance show in partner capital account.
Question:
Negative balance Amount partner capital account show procedure in balance sheet.
A partnership firm cash withdrawal some amount one of the partner after negative balance show in partner capital account.
Question:
Negative balance Amount partner capital account show procedure in balance sheet.
26 October 2021
Transfer the debit balance to partner's loan account.
02 November 2021
It is a matter of presentation.
option 1 - Capital account debit balance can be shown on asset side.
option 2- Also,can be shown on liability side with minus sign.
I prefer option 2 which is in line with Balance sheet format in ITR
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