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At the time of dissolution of …

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At the time of dissolution of partnership firm,why is the payment of partner's loan not done through capital account?give reason

Posted by Ankush Dandyan 8 years, 3 months ago

CBSE > Class 12 > Accountancy

1 answers

Parneet Kaur 8 years, 3 months ago

Because balance of capital accounts goes to balance sheet and as the firm is going to be dissolved it need not any account ..Hence there is no need to transfer the payment to their capital accounts .. Otherwise their capital accounts will be maintained again.. And here we dont want to maintain accounts we are just going to close them ...

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