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Commerce · Q1709

Accounting

Graduate and Post Graduate · Commerce · question 1709

Q1709

Profit on revolution of assets and liabilities in case of amalgamation of partnership firm is

A.
Debited to partner's capital account
B.
Credited to partner's capital account
Answer
C.
Credited to profit and loss account of new firm
D.
None of the above

Answer: Option B

Solution

Answer: Option B
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