What is the difference between liability written off and written back , and what does unclaimed liability written off mean , it's a profit or loss ?

The answer regarding difference between writing-off and writing back as given by Rohit Makkar is correct. Regarding the second part, the unclaimed liability written-off implies reducing the book value of existing liability in the books which has not yet been claimed. This is treated as a profit (or gain) and distributed among the old partners in their old ratio.

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A liabilty written off means the liabilty which is distributed among the partners in their old PSR.It is debited to the partners' capital a/c.

Liability written back refers to the writing back of a liability which was earlier removed.

Unclaimed liabilities are those liabilities which does not have a claim and they are written off to the partners . For example; Workmens' compensation fund is a liability for the firm, which is payable to the employees. But if the fund  don't have any claim over it, it is written off to the partners by treating it  as an undistributed liability.

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A liabilty written off means the liabilty which is distributed among the partners in their old PSR.It is debited to the partners' capital a/c.

Liability written back refers to the writing back of a liability which was earlier removed.

Unclaimed liabilities are those liabilities which does not have a claim and they are written off to the partners . For example; Workmens' compensation fund is a liability for the firm, which is payable to the employees. But if the fund  don't have any claim over it, it is written off to the partners by treating it  as an undistributed liability.

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A liabilty written off means the liabilty which is distributed among the partners in their old PSR.It is debited to the partners' capital a/c.

Liability written back refers to the writing back of a liability which was earlier removed.

Unclaimed liabilities are those liabilities which does not have a claim and they are written off to the partners . For example; Workmens' compensation fund is a liability for the firm, which is payable to the employees. But if the fund  don't have any claim over it, it is written off to the partners by treating it  as an undistributed liability.

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A liabilty written off means the liabilty which is distributed among the partners in their old PSR.It is debited to the partners' capital a/c.

Liability written back refers to the writing back of a liability which was earlier removed.

Unclaimed liabilities are those liabilities which does not have a claim and they are written off to the partners . For example; Workmens' compensation fund is a liability for the firm, which is payable to the employees. But if the fund  don't have any claim over it, it is written off to the partners by treating it  as an undistributed liability.

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Write off: Cancellation/ reduction of the book value of an asset or liability.

1. Writing off an Asset: Reducing the book value of the asset and treating it as loss.

2. Writing off a Liability: Reducing the book value of the liability. It will be a gain.

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Write back: It means reversing an earlier write off/ down.

1. Writing back an Asset: Increasing the book value of the asset to the extent of an earlier wite off.

2. Writing back a Liability: Increasing the book value of the liability to cancel/reverse an earlier write off.

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i agree..

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