(Ans in one sentence)
1. For which of the following types of business do you think a sole
proprietorship firm of organization would be more suitable, and why?
(i) Grocery store (ii) Medical store
(iii) Legal consultancy (iv) Craft centre
(v) Internet cafe (vi) Chartered accountancy firm
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In the event of amalgamation, the goodwill of each firm is credited to the partners' capitals of the respective firm in their capital ratio. 16) The assets and liabilities not taken over by the new firm are transferred to Partner's Capital Accounts....
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