S1: A triple column cash book has a discount column on both sides. S2: Discount allowed is debited and discount received is credited. Which statement(s) is/are correct?
Explanation:
A triple column cash book has cash, bank, and discount columns on both debit and credit sides. Discount allowed (an expense) is recorded on the debit side, and discount received (an income) is recorded on the credit side. Both are correct.
S1: The sacrificing ratio is used during the admission of a new partner. S2: The gaining ratio is used during the retirement of a partner. Which statement(s) is/are correct?
Explanation:
The sacrificing ratio determines how much share existing partners give up to the new partner. The gaining ratio determines how much share continuing partners acquire from the retiring partner. Both are correct.
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