Practicing Success
On dissolution, the balance of 'Profit & Loss Account' appearing on the assets side of a Balance Sheet is transferred to: |
On the debit side of Realisation Account On the credit side of Realisation Account On the debit side of Partner's Capital Accounts On the credit side of Partner's Capital Accounts |
On the debit side of Partner's Capital Accounts |
For transfer of debit balance of profit and loss account that was appearing on the assets side of balance sheet, if any, to partners’ capital accounts in their profit sharing ratio: |