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.