Partnership dissolution
This query is : Resolved
18 November 2013
What is treatment of unrecorded and contingent liabilities in case of partnership dissolution
18 November 2013
unrecorded liabilities should be booked and transferred to dissolution/realization account.
For contingent liabilities, you cannot provide for in the accounts. However, dissolution deed should provide for future liabilities of partners against such liabilities.
For contingent liabilities, you cannot provide for in the accounts. However, dissolution deed should provide for future liabilities of partners against such liabilities.
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