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P1 C6 RETIREMENT/DEATH OF A PARNER — Elements of Account STD 12 Commerce — Question

Gujarat BoardEnglish MediumSTD 12 CommerceElements of AccountP1 C6 RETIREMENT/DEATH OF A PARNER1 Mark
Question
Which reserves are not to be distributed among partners?
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Answer

Following balances of reserves are not be distributed among partners.
  • Provision of reserves against assets like investment fluctuation fund, repairing reserve, bad debts reserve and depreciation fund.
  • Liabilities/debt of a firm like employees provident fund, employees profit sharing fund etc.

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