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Class 12 Accountancy Partnership Accounts - Basic Concepts AdjustmentsExpert

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A partner used firm's goods worth (₹9000) for personal purpose. What is the correct adjustment?

Answer and explanation

Correct answer: Reduce purchases and debit partner

Goods taken for personal use are treated as drawings and purchases are reduced. Partner's account is debited.

Related tags

Partnership Adjustments Goods Withdrawn Partnership Accounts Basic Concepts Accountancy Class 12 Mcq

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