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If As current account has opening debit Rs 3000 and salary Rs 10000 with no other item what is closing balance?

Answer and explanation

Correct answer: Rs 7000 credit

Salary is a credit item and offsets opening debit. Rs 10000 minus Rs 3000 equals Rs 7000 credit.

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Current AccountSalaryBalanceAdjustmentsPartnership Accounts Basic ConceptsAccountancyClass 12 Mcq

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