Answer Posted / ameet narayankhedkar

Balance in Trading a/c:
The "Trading a/c" is a nominal account. It is closed at the
end of the accounting period by transferring its balance
(Gross profit/loss) to the "Profit and Loss a/c".

Thus the trading account can be placed on par with any other
nominal account.

Balance in Profit and Loss a/c:

The Profit and Loss a/c is a nominal account. It is closed
at the end of the accounting period by transferring its
balance to either the Capital a/c or the Profit and Loss
Appropriation a/c (or Retained Earnings a/c).

The "Trading a/c" and "Profit and Loss a/c" relating to a
particular accounting period are independent of similar
accounts relating to any other accounting period.

Let me know the liability positions of Partners

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