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The deed says no partner will use firm property for personal use. If violated what may be considered in accounting?

Answer and explanation

Correct answer: Value of personal benefit or use recoverable from partner

Personal use of firm property is a benefit to the partner. Its value may be debited to that partners account.

Related tags

Firm PropertyPersonal UsePartner AccountPartnership DeedPartnership Accounts Basic ConceptsAccountancyClass 12 Mcq

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