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Class 12 Accountancy Partnership Accounts - Basic Concepts AdjustmentsHard

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If the debit side of the Profit and Loss Appropriation Account exceeds the credit side what is the treatment of the difference?

Answer and explanation

Correct answer: It is distributed among partners in loss sharing ratio

Excess debit side creates an appropriation loss. Debit it to capital or current accounts in loss sharing ratio.

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Partnership Appropriation Loss Adjustments Partnership Accounts Basic Concepts Accountancy Class 12 Mcq

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