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Question
Rosi, Rathi and Rani are partners of firm sharing profits and losses equally. Rathi retired from the partnership on 1.1.2018. On that date, their balance sheet showed accumulated loss of ? 45,000 on the asset side of the balance sheet. Give the journal entry to distribute the accumulated loss.
Solution
| Date | Particulars | L.F. | Debit | Credit |
| 01.01.2018 | Rosi's Capital A/c Dr. Rathi's Capital A/c Dr. Rani's Capital A/c Dr. To Profit and loss A/c (Accumulated loss transferred to all partners capital account) |
15,000 15,000 15,000 |
45,000 |
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