Why are Reserves, Accumulated Profits and Losses not transferred to the incoming Partner’s Capital Account?
Why are Reserves, Accumulated Profits and Losses not transferred to the incoming Partner’s Capital Account?
Anurag Pathak Changed status to publish July 18, 2023
Reserves, Accumulated Profits, and Losses are not transferred to the incoming Partner’s Capital Account because such reserves, Profit and Losses relate to the pre-admission period and hence belong to old partners and not to the incoming partner.
Anurag Pathak Changed status to publish July 18, 2023
