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Where will you disclose the following items given in a trial balance during the preparation of a final account of a partnership firm ?(1) Providend fund(2) Bank overdraft(3) Drawings of a partner(4) Depreciation on ma¬chine(5) Provisions for taxes(6) Loan taken from bank(7) Stationery stock(8) Salary or Partner(9) Advertisement suspense A/c(10) Apprentice premium. |
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Answer» Balance – To be shown in and on side (1) Providend fund – Balance sheet, on Capital-Liability side (2) Bank overdraft – Balance sheet, on Capital-Liability side= (3) Drawings of a partner – Profit and loss Appro. A/c, debit side (4) Depreciation on machine – Profit and loss A/c, debit side (5) Provisions for taxes – Balance sheet, on Capital-Liability side (6) Loan taken from bank – Balance sheet, on Capital-Liability side (7) Stationery stock – Balance sheet, on Assets-Receivable side (8) Salary of partner – Profit and Loss Appro. A/c, debit side (9) Advertisement suspense A/c – Balance sheet, on Assets-Receivable side (10) Apprentice premium A/c – Profit and Loss A/c, debit side |
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