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Questions
On reconstitution of a partnership firm, recording of an unrecorded liability will result in ______.
At the time of reconstitution of a partnership firm, recording of an unrecorded liability will lead to ______.
Options
Gain to the existing partners
Loss to the existing partners
Neither gain nor loss to the existing partners
None of these
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Solution
On reconstitution of a partnership firm, recording of an unrecorded liability will result in Loss to the existing partners.
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