Answer / nagalakshmi.k

ans:balance sheet means tally or equal both sides balances
of assets and liabities side.If entering of all assets and
liabilities the balance of balance sheets are not equal
then the remaining balance are converted or transferred
into surplus or deficit. If the balance is not equal in
assest side the balance shows as surplus and the
liabilities balance are shown as deficit.

In the absence of any provision in the partnership agreement, profits and losses are shared (a) In the ratio of capitals. (b) Equally. (c) In the ratio of loans given by them to the partnership firm. (d) None of the above.

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