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The deed charges interest on drawings but a partner takes goods for personal use. What is the correct treatment?

Answer and explanation

Correct answer: Value of goods will be treated as drawings

Goods taken for personal use are drawings. If the deed charges interest it may apply to that value also.

Related tags

Goods DrawingsInterest On DrawingsDeedPartnership DeedPartnership Accounts Basic ConceptsAccountancyClass 12 Mcq

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