Negative balance shown in partners capital account end of the year.
opening of the year partners capital was 22lac and he drawing 28 lac so 6 lac negative balance shown.
If I transfer this balance to current account (asset), is it mandatory to return the amount 6 lac to close current account next year?
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NEGATIVE BALANCE SHOWN IN PARTNERS CAPITAL ACCOUNT
Replies (3)
You should adjust through partners current account which can be negative.
Partners Capital Account ( As per partnership deed)
Partners current account ( Profit / loss sharing and drawings)
Partners Capital Account ( As per partnership deed)
Partners current account ( Profit / loss sharing and drawings)
Thank you sir
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