On reconstitution of a partnership firm, recording of an unrecorded liability wil result in:
A. Gain to the existing partners
B. Loss to the existing partners
C. Neither gain nor loss to the existing partners
D. None of these
Answer:B
On reconstitution of a partnership firm, recording of an unrecorded liability wil result in:
A. Gain to the existing partners B. Loss to the existing partners C. Neither gain nor loss to the existing partners D. None of these