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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?
Replies (4)
Comes in balance sheet at liability side not partners capital account
But such omission is found at the time of dissolution.
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
Don't show anywhere..... adjustment will automatically through bank...accounti & realisation account
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