State the ratio in which the partners share gain (profit) or loss on realisation of various assets and payment of various liabilities.

Open in App

Solution

After the sale of assets and discharge of liabilities, the profit earned or loss incurred is transferred to the partner's capital account in their profit sharing ratio.

Suggest Corrections

Similar questions

Q. Give any two objects of the partners share gain (profit) or loss on realisation of various assets and payment of various liabilities.

Q. State the ratio in which the partners share the gain or loss on revaluation of assets and liabilities.

Q. Short answer type question:
State the ratio in which the partners share gain or loss from revaluation. of assets and liabilities.

___________________ account is prepared to find out the net effect of realisation on various assets and payment of various liabilities in case of dissolution of firm.

Q. Profit/Loss on Revaluation of Assets & Liabilities is shared by the old partners in their _______.

Join BYJU'S Learning Program