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Dis-solution of partnership

During dissolution of firm, if there is any omission in trade creditors, then is it necessary to reduce this from capital accounts of the partners?

 4 Replies

Triveni Patil

Triveni Patil   20 April 2021

Comes in balance sheet at liability side not partners capital account
1 Like
Chartered Accountant Sivakumar

Chartered Accountant Sivakumar   20 April 2021

But such omission is found at the time of dissolution.

Sourav (Student)     20 April 2021

No it should not be deducted from Partners capital account but that creditor balance should be ascertained from the confirmation statements and verify the claim according to such confirmation obtained with financial statements in balance sheet
Aman Goel

Aman Goel   20 April 2021

Don't show anywhere..... adjustment will automatically through bank...accounti & realisation account

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