Advertisements
Advertisements
Question
Answer in one Sentence :
How is a debit balance of profit and loss account dealt with on death of a partner?
One Line Answer
Advertisements
Solution
Debit balance of Profit & Loss Account represents accumulated losses. So, it is transferred to the debit side of All Partners’ Capital Accounts in their old profit sharing ratio.
shaalaa.com
Is there an error in this question or solution?
