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If accounts are already closed while correcting an old error what kind of adjustment can be made directly?

Answer and explanation

Correct answer: In partners capital or current accounts

When accounts are closed the difference is adjusted in partners capital or current accounts. This avoids reopening the whole account.

Related tags

Closed AccountsCapital Current AdjustmentPast ErrorsAdjustmentsPartnership Accounts Basic ConceptsAccountancyClass 12 Mcq

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