Accountancy, asked by himanshi2468, 2 months ago

What accounting steps are taken by a partnership firm when a new partner is unable
to bring the business guaranteed by him?​

Answers

Answered by IAGXVERSE
2

Explanation:

When new partner is unable to bring the business guaranteed by him, his Capital Account is debited and Profit & Loss Appropriation Account is credited by the amount of deficiency.

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