Accountancy, asked by tdprajapati3526, 2 months ago

A fund created by the partnership firm out of the profit as a precautionary measure

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Answered by tayavansh

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Answer:

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Explanation:

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Answered by Anonymous

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The fund is the General Reserve Fund

The necessary fund is a potential pool generated by a partnership firm out of economic benefit as a precautionary measure.

A general reserve is one that is typically generated by benefit appropriation. It was affected with no real or specific intent in mind.

The general reserves are generally used to carefully cover any unspecified liabilities.

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