Arun and Vijay are partners in a firm sharing profits and losses in the ration 3:2
Their Balance sheet show Machinery at ₹1,20,000.
If value of machinery in the balance sheet is overvalued by 20%, then at what valued
will machinery be shown in new balance
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Answer:
Machinery ₹ 40000 Add: 40000×20/100 = ₹8000 Total = 48000
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