At the time of dissolution of partnership firms, is it necessary to close sundry debtors and sundry creditors accounts by settling their dues respectively
2 Replies
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.
Recent Topics
- Form 3CEAB
- Form 3CEAA and Form 3CEAB
- DIR 3 Web KYC
- Can i declare LTCG income as business income if I
- Stock entry in new software
- I have an EMI collection shop, what is its SAC cod
- Making payment once in quarter possible under QRMP
- Master File Documentation related
- Applicability of 44AD needs clarification
- ITC reversal in GST 3B
Related Threads
CAclubindia
