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If last years profit was distributed in wrong ratio what should be calculated first for correction?

Answer and explanation

Correct answer: Correct share and wrong share

In correction the difference between correct share and wrong share is calculated. Partners accounts are debited or credited by this difference.

Related tags

Past AdjustmentWrong RatioCorrectionAdjustmentsPartnership Accounts Basic ConceptsAccountancyClass 12 Mcq

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