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Answer Posted / suresh.n
It is a liability which may or may not be arrise in future.
Ex: Court cases, Bill discounting.
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The partners agreed to take hero honda vehicle of Rams as firms vehicle by giving credit to his capital account. The vehicle was valued for Rs 65000/-Pass necessary entry
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HOW CALCULATE ADVANCE TAX ? PLEASE EXPLAIN IT ?IN CASE OF FIRM, IF WE PAID FIRST INSTALMENT OF ADVANCE TAX.
Clasify capital
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