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Question
On dissolution of the partnership firm of A, B and C, the accumulated profits of ₹ 40,000 will be transferred to which of the following account?
Options
Revaluation Account
Realisation Account
Partners' Capital Account
Bank Account
MCQ
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Solution
Partners' Capital Account
Explanation:
On dissolution of partnership firm, reserve or accumulated profits appearing in the books of the firm is credited to the Partners' Capital Accounts.
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