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What is the benefit of mentioning the closing date of accounting year in the partnership deed?

Answer and explanation

Correct answer: Time for accounts and profit calculation becomes clear

The closing date of accounting year clarifies the accounting period. It makes calculation of profit, interest, and drawings easier.

Related tags

Accounting YearClosing DateDeed ContentsPartnership DeedPartnership Accounts Basic ConceptsAccountancyClass 12 Mcq

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