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Class 12 Accountancy Reconstitution - Admission of a Partner Asset RevaluationHard

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Old partners share profits in 8:5. Revaluation loss is ₹52000. If it is shared equally, what is the effect on the first partner compared with the correct amount?

Answer and explanation

Correct answer: ₹6000 less debit

The first partner's correct loss is ₹52000 × 8/13 = ₹32000 but equal sharing debited ₹26000. So he was debited ₹6000 less.

Related tags

Error Rectification Loss Sharing Old Ratio Asset Revaluation Reconstitution Admission Of A Partner Accountancy Class 12 Mcq

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