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The deed says loss caused by a partners fault will be borne by that partner. How may such loss be shown?

Answer and explanation

Correct answer: Debit to concerned partners account

If the deed puts responsibility on that partner his account is debited. This prevents unfair burden on other partners.

Related tags

Partner NegligenceLoss RecoveryDeedPartnership DeedPartnership Accounts Basic ConceptsAccountancyClass 12 Mcq

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