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Question
Journal Entry to be passed in case of loss on adjustment transferred to Partner's Current Accounts is:
Options
Profit and Loss Appropriation A/c Dr.
To Partners' Current A/cPartners' Current A/c Dr.
To Profit and Loss Adjustment A/cPartner's Current A/c Dr.
To Partner's Capital A/cNone of the above
MCQ
Solution
Partners' Current A/c Dr.
To Profit and Loss Adjustment A/c
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Distribution of Accumulated Profits, Reserves and Losses
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