Question

Q7) Complete the following statement:
Past adjustment is a adjustment for
Q8) Drawings against capital are not considered for
correct?
Q9) Dissolution of a firm means dissolution of p
firm's business. Is it correct?
Q10) A and B are partners with capitals of 2 30,
for 1/4th share in the profits of the firm. C brings
and loss account showed a credit balanse of ? 24​

Answer 1

Answer:

1. case there are any errors or changes in the profit distribution or other entries in the profit and loss A/C of a firm, an entry termed as the past adjustment is passed to rectify all the errors.
2. yes
3. yes