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What is meant by ‘Past Adjustments’ in reference to Partnership Accounts?

Anurag Pathak
April 9, 2023
[CBSE] Fundamentals of Partnership Firm, Accountancy Class 12th

2.70K viewsApril 9, 2023[CBSE] Fundamentals of Partnership Firm Accountancy Class 12th

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Anurag Pathak30.81K April 9, 2023 0 Comments

What is meant by ‘Past Adjustments’ in reference to Partnership Accounts?

Anurag Pathak Changed status to publish April 9, 2023

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Anurag Pathak30.81K Posted April 9, 2023 0 Comments

Answer:-

Past adjustments refers to adjustments made to rectify the error of incorrect distribution of profits or error in respect of Interest on Capital/Drawings of a partner, salary or commission to a partner, sharing of profits.

Anurag Pathak Changed status to publish April 9, 2023

Anurag Pathak

Anurag Pathak is an academic teacher. He has been teaching Accountancy and Economics for CBSE students for the last 18 years. In his guidance, thousands of students have secured good marks in their board exams and legacy is still going on. You can subscribe his youtube channel and can download the Android & ios app for free lectures.