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प्रश्न
Answer in one sentence only.
What does the excess of debits over credits in profit and loss adjustment account indicate?
एका वाक्यात उत्तर
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उत्तर
The excess of debits over credits in Profit and Loss Adjustment Account indicates the amount of net loss that needs to be shared by the old partners in their old profit sharing ratio. This is done as the new partner is not liable for any losses due to the past activities of the old partners.
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