smartfigure
May 29, 2007, 04:50 PM
Is my Journal correct?
Dr Partnership Dist 100
Cr Retained Profit 100
pree007
May 29, 2007, 07:13 PM
The entry is better written as :
Dr Partner's Capital 100
Cr Profit and loss A/c 100
As losses reduces the capital or contribution of partners share in the organisation or business
omsailogistic
May 31, 2007, 02:20 PM
Pree Is Correct " If The Business Is Still Continuing"
But If Business Is To Be Ceased With These Losses We Have To Make Use Of
Dissolution Concept...
I Wish This Is Not Yours Case... :-)