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Changes in the Value of Assets and Liabilities

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Question

Write the word/term or phrase which can substitute each of the following statement.

Excess actual capital over proportionate capital.

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Solution

Surplus Capital

Explanation: Excess of actual capital over proportionate capital is regarded as surplus capital. This surplus capital is either transferred to the current accounts or can be withdrawn by the old partners as per the terms of the partnership agreement.

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Changes in the Value of Assets and Liabilities

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