Internal Audit is conducted generally between two
annual Audit
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meeta, leela and nirja are partners sharing profits and loss is equally. with effect from 1st April 2019,they agreed to share profits and losses in the ratio of 2:2:1 . they decided to record effect of the following, without effecting their book values.
a. general reserve rs. 50000
b. profits and loss rs. 20000
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