profit and loss suspense a/c on the liabilities side of balance sheet is profit right?
Swarnima, as you know in case of death of a partner Profit and Loss Suspense Account is prepared to given his/her share of profit or loss in the firm (till the date of death of a partner).
However, when share of profit is credited to deceased partner's capital account through Profit and Loss Suspense A/c, then same is shown on the Assets side of the Balance Sheet.
But when ​share of loss is is debited to deceased partner's capital account through Profit and Loss Suspense A/c, then same is shown on the Liabilities side of the Balance Sheet.
I hope this will help you.
However, when share of profit is credited to deceased partner's capital account through Profit and Loss Suspense A/c, then same is shown on the Assets side of the Balance Sheet.
But when ​share of loss is is debited to deceased partner's capital account through Profit and Loss Suspense A/c, then same is shown on the Liabilities side of the Balance Sheet.
I hope this will help you.