Home › CBSE Class 11 (Commerce) › Accountancy › Theory Base of Accounting › Which situation may need interim statements for …
Which situation may need interim statements for a period other than twelve months?
ASale of old furniture
BPayment of monthly salary
CRetirement of a partner
DReceipt of commission
Answer & Solution
Correct answer: C. Retirement of a partner
When a partner retires, accounts may be drawn up to that date, so the period can differ from twelve months.
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