Profit and loss account at admission of partner
Atharv Sankliya (1356 Points)
14 November 2022
does profit and loss account is prepared at admission of partner ??
2 Replies
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(183361 Points)
Replied 15 November 2022
Yes, At the time of admission of a partner, any balance remaining in the profit and loss account is transferred to the old partners' capital accounts in the old profit sharing ratio.
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