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