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Class 12 Accountancy Partnership Accounts - Basic Concepts AdjustmentsMedium

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If Bs current account has opening debit Rs 2000 commission Rs 6500 and interest on drawings Rs 500 what is closing balance?

Answer and explanation

Correct answer: Rs 4000 credit

Commission is credit and opening debit plus interest on drawings are total Rs 2500 debit. Difference is Rs 4000 credit.

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Current Account Commission Interest On Drawings Adjustments Partnership Accounts Basic Concepts Accountancy Class 12 Mcq

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