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If As profit share is Rs 24000 and loss adjustment is Rs 6000 what will be the net effect in As account?

Answer and explanation

Correct answer: Rs 18000 credit

Profit share is credited and loss adjustment is debited. Net effect is Rs 24000 minus Rs 6000 equal to Rs 18000 credit.

Related tags

Profit Loss AdjustmentNet EffectPartner AccountAdjustmentsPartnership Accounts Basic ConceptsAccountancyClass 12 Mcq

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