Treatment of JLP in Partnership dissolution
This query is : Resolved
19 October 2016
should we transfer jlp to Realisation account if jlp reserve is given in balance sheet at liability side?
19 October 2016
Yes.
Debit JLP Reserve A/c
Credit Realisation A/c
Debit JLP Reserve A/c
Credit Realisation A/c
19 October 2016
Check this link for more details and entries also
https://www.meritnation.com/ask-answer/question/how-to-treat-joint-life-policy-in-dissolution-of-partnership/dissolution-of-partnership-firm/6749940
https://www.meritnation.com/ask-answer/question/how-to-treat-joint-life-policy-in-dissolution-of-partnership/dissolution-of-partnership-firm/6749940
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