Treatment of JLP in Partnership dissolution
This query is : Resolved
Sudarshan Chandila
(Querist)
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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