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Class 12 Accountancy Partnership Accounts - Basic Concepts AdjustmentsMedium

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If Bs current account has opening credit Rs 5000 and drawings Rs 8000 what is closing balance?

Answer and explanation

Correct answer: Rs 3000 debit

Drawings are debit item and reduce credit balance. Rs 8000 minus Rs 5000 leaves Rs 3000 debit balance.

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Current Account Drawings Balance Adjustments Partnership Accounts Basic Concepts Accountancy Class 12 Mcq

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