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Class 12 Accountancy Partnership Accounts - Basic Concepts Partnership DeedHard

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The deed states that A will receive five thousand rupees per month for using his personal vehicle in firm business. How is this amount generally treated?

Answer and explanation

Correct answer: Firm expense

Use of a personal vehicle for firm business can create a rent like expense. A clear deed clause makes the payment valid.

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Rent To Partner Firm Expense Vehicle Partnership Deed Partnership Accounts Basic Concepts Accountancy Class 12 Mcq

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