X and Y are partners sharing profits equally. They admit Z for 1/3rd share in profits. Following information if available at the time of admission of Z. | |||||||||||||
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Additional information : Debtors Rs. 1,500 will be written off as bad debts and a provision of 5% will be created for bad and doubtful debts. Creditors of Rs. 1,275 not recorded in the books earlier to be taken into account. | |||||||||||||
Revaluation Gain/Loss will be: |
A) 950 Gain
B) 950 Loss
C) 1,600 Gain
D) 1,600 Loss
Correct Answer: D
Solution :
1,600 LossYou need to login to perform this action.
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