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Adjustment of Reserves

Write the wor...

Question

Write the word / term / phrase, which can substitute each of the following statements.

Debit balance of an insolvent Partner’s Capital Account.

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Solution

Capital Deficiency

Explanation: The debit balance of an insolvent partner’s capital account is known as capital deficiency. This deficiency is to be borne by all the solvent partners in their profit-sharing ratio.

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