At the time of dissolution of partnership firms, is it necessary to close sundry debtors and sundry creditors accounts by settling their dues respectively
CA Krishna Chaitanya M (Chartered Accountant) (463 Points)
09 November 2009At the time of dissolution of partnership firms, is it necessary to close sundry debtors and sundry creditors accounts by settling their dues respectively
triumph-CMA
(Chartered Accountant)
(503 Points)
Replied 09 November 2009
Dissolution means closure of business carried on by the firm. When business is to be discontinued all assets of the entity are disposed and the liabilities of the entity are paid. When debtors are disposed and creditors are paid their accounts will automatically closed.
GSTR 9 and 9C for FY 23-24 as amended by Notification 12/2024 dated 10th July 2024(with recording)
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