why is profit and loss Suspense Account opened in case of death of partner
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The Profit and Loss Suspense Account is opened in the case of death of a partner in order to credit the share of the profit of the deceased partner's capital account till the time of his/her death.
When a businessman/businesswoman dies his capital and assets are transferred to his/her spouse; this is done through the Profit and Loss Suspense Account.
The Profit and Loss Suspense Account is opened in the case of death of a partner in order to credit the share of the profit of the deceased partner's capital account till the time of his/her death.
When a businessman/businesswoman dies his capital and assets are transferred to his/her spouse; this is done through the Profit and Loss Suspense Account.
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