At the time of dissolution of partnership firms, is it necessary to close sundry debtors and sundry creditors accounts by settling their dues respectively
At the time of dissolution of partnership firms, is it necessary to close sundry debtors and sundry creditors accounts by settling their dues respectively
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.
im agree with dhirendra
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