Q.14)
In the piecemeal distribution of cash, the debit
balance of Profit and Loss account is (1 marks
Ans.
added in Partners' Capital Alc
deducted from Partners' Capital Alc
None of these
should not be distributed
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Answer:
Added in Patner's capital account
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In the piecemeal distribution of cash, the debit balance of Profit and Loss account is added in the Partners' Capital A/c.
A partnership capital account contains all of the trades occurring between the assistants and association firms like the fundamental responsibility of capital in the association, the premium of capital paid, drawings, the part of the benefit, and various changes and it is expected to stay aware of the genuine obligation and straightforwardness between the accessories and the firm.
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