loss
This query is : Resolved
Paban Kumar
(Querist)
18 December 2016
Why loss is to be shown in balance sheet as asset ?
Kindly help me...pls
Sandeep Dharar
(Expert)
19 December 2016
No, you heard wrong, Loss is not an asset, but it is deducted from capital or reserve & surplus under Liability side.
Paban Kumar
(Querist)
19 December 2016
yes sir u r perfect but sir in partnership we use to put it on asset side in blncsheet, why we don't deduct it from capital,like just we add net profit in capital a/c. kindly help me sir
Sandeep Dharar
(Expert)
19 December 2016
No, in partnership also we deduct it from respective capital of partners. After apportion of the loss in respective ratio we transfer it to the respective capital of Partners.
Paban Kumar
(Querist)
19 December 2016
yes sir it happens when reconstitution take place...but if there is no reconstitution take place..then should I go wid ur above words..?
Paban Kumar
(Querist)
19 December 2016
Thank u sir for your important time..
Sandeep Dharar
(Expert)
19 December 2016
U r welcome dear. If u like my reply then u can show ur appreciation by hitting the like button.
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