Hello all,
I am a partner of a partnership concern. Following are the details:
ABC Co. had four partners. Father, two brothers and one sister. Father expired and sister resigned from partnership.
Father's Capital need to be transferred to my mother's acc and sister's capital need to be given to her. Finally only two partner remains.
I would like to know what will be the Acount entries in Tally?
Thanks
Shahid
Who may be remianing partners in entity?
Question is not clear.
Hello Ramesh
Thanks for the reply.
Out of 4 partners only 2 remains. Father expired, Sister resigned. 2 sons are the remaining partners.
First, transfer father's capital to mother's capital accont
1. Father Capital A/c Dr
To Mother Capital A/c
Transfer all available resinged & death partners' capital to remainig partners
2. Mother Capital A/c Dr
Sister Capital A/c Dr
To Brothers' Capital A/c
Gupta Sachdeva & Co. Chartered Accountants
New Delhi
CA Final
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