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If general reserve Rs 5000 is omitted how will profit distributed among partners appear?

Answer and explanation

Correct answer: Rs 5000 higher

Reserve is deducted from profit. Omitting it makes profit distributed among partners Rs 5000 higher.

Related tags

Reserve OmissionProfit DistributionErrorAdjustmentsPartnership Accounts Basic ConceptsAccountancyClass 12 Mcq

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