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Final Settlement with Partner (Dissolution)

Select the mo...

Question

Select the most appropriate alternative from those given below:
Carriage inward is debited to ________ Account.

A

Trading

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B

Profit and Loss

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C

Capital

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D

Drawings

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Solution

The correct option is A Trading
Trading account is prepared to know the profit earned by the firm through the trading activity. Trading account is prepared by considering only direct expenses. Gross Profit depicts the direct profit earned by the firm through trading of goods.

Carriage inward is a direct expense incurred for procuring the goods to be debited to trading account.

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