Dis-solution of partnership

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56 Points Posted on 20 April 2021
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?
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On 20 April 2021 at 19:14 Report
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When a partnership dissolves, an omission of trade creditors from the balance sheet requires careful handling. These omitted liabilities should not be deducted directly from partners' capital accounts. Instead, their validity should be confirmed through statements and financial records. The adjustment will typically be processed through the bank and realisation accounts.

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112 Points Posted on 20 April 2021
Comes in balance sheet at liability side not partners capital account
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On 20 April 2021 at 19:26
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56 Points Posted on 20 April 2021
But such omission is found at the time of dissolution.
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On 20 April 2021 at 19:54
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Chartered Accountant
16188 Points Posted on 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
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On 20 April 2021 at 21:09
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30 Points Posted on 20 April 2021
Don't show anywhere..... adjustment will automatically through bank...accounti & realisation account
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On 20 April 2021 at 22:22

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