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If opening debit balance in capital account is wrongly written as credit balance what type of error occurs?

Answer and explanation

Correct answer: Partner balance will be overstated by double the amount

Debit balance was recoverable but credit entry shows liability. Difference from correct position becomes double.

Related tags

Opening Debit BalanceErrorCapital AccountCapital AccountsPartnership Accounts Basic ConceptsAccountancyClass 12 Mcq

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