If a partnership firm incurres loss in current year what is the treatment in accounts (i.E) their is 2 partners sharing 50-50 & incurring loss in business Rs. 38500/-. how it is accounted
If a partnership firm incurres loss in current year what is the treatment in accounts (i.E) their is 2 partners sharing 50-50 & incurring loss in business Rs. 38500/-. how it is accounted
1) P&L Appropriation A/c Dr 38500
To P& L A/c (Net Loss) 38500
2) Partner' Current A/c....Dr 38500
To P&L Appropriation A/c 38500..
1) P&L Appropriation A/c Dr 38500
To P& L A/c (Net Loss) 38500
2) Partner' Current A/c....Dr 38500
(In their PSR)
To P&L Appropriation A/c 38500..
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CAclubindia
