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Propritorship
Preparing financials of proprietorship , last year its a partneship firm by constitution , how adjust the capital account & current account closing balances shown in last year balancesheet ?
Answers (9)
Capital balance closing in last year , now constitution changed to proprietorship .
It will be transferred to the continuing person.
Can u help sir?
There will be some arrangement/agreement between the partners as to how it will be dissolved and converted.