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प्रश्न
State Whether the following Statement is True or False:
A new partner is liable for the past losses of a firm.
चूक किंवा बरोबर
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उत्तर
The statement is false.
Explanation:
- A new partner is not liable for any losses incurred by the firm before their date of admission.
- Past losses belong entirely to the period when the old partners ran the business.
- Therefore, all accumulated losses appearing in the Balance Sheet at the time of admission are completely written off by debiting the old partners' capital accounts in their old profit-sharing ratio.
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