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How is Partner’loan and partner’wife loan treated in books of account at the time of dissolution of a firm? |
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Answer» Partner’s wife loan is a part of outside liability o it is credited to Realistion a/c and is paid . Partner’loan a/c is not a part of outside liability so it is not transferred to Realistion a/c . A separate partner”s loan is opened . Partner’s loan is paid only if surplus remains after payment of outside liability. |
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