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Balance of partners current account is

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Balance of partners current account is

Posted by Gayatri Maruwada 5 years, 7 months ago

CBSE > Class 12 > Accountancy

2 answers

Anmol Bahubal 5 years, 7 months ago

It can be both debit as well as credit but capital account always has credit until and unless any permanent amount is withdrawn or introduced.

Gaurav Seth 5 years, 7 months ago

Normally Partner's Current Account has a Credit Balance but, if a partner has withdrawn more than his or her share of profits, then it will have a Debit Balance. The credit balances of Partner's Current Account are shown on the Liabilities Side of Balance Sheet, as much of amount due to them. Debit balances are shown on the Asset side of balance sheet.

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CBSE > Class 12 > Accountancy

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CBSE > Class 12 > Accountancy

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