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In the Lone Pine Cafe case, Ski Instructor are Account Receivable for
$870 for the financial balance sheet as on 30thMarch’2006. It has effect
in Asset for Closing Balance Sheet as A/c Receivable. In the Successive
Financial year, it has the effect in Profit and Loss A/c Revenue as the
amt of $ 870 was paid by the Ski Instructors.
Thus , as the business was in Loss for the said financial period, all the
partners also had to bear Loss in the returns for the capital invested in
the Lone Pine Cafe .
Amar Bhatt
PTMBA -Div “B”
Roll No -: 102