Net loss
This query is : Resolved
Amar kumar karna
(Querist)
13 May 2014
Dear Sir,
Firm Name: Patna Book Store(Partnership form)
Two partner include total Capital Rs 11000/-
i making Pl account there show Net Loss: Rs 13000/- when i finalize above account there i adjust loss in capital account, Now capital show Rs 2000/- Negative
pl advise me capital show negative is correct or not ? where is loss adjust ?
pl sir advice
Firm Name: Patna Book Store(Partnership form)
Two partner include total Capital Rs 11000/-
i making Pl account there show Net Loss: Rs 13000/- when i finalize above account there i adjust loss in capital account, Now capital show Rs 2000/- Negative
pl advise me capital show negative is correct or not ? where is loss adjust ?
pl sir advice
Nikhil Kaushik
(Expert)
13 May 2014
it is okk to show negative capital. However, it is advisable to not touch the capital account and accumulate the loss on the debit/asset side.
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