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    Question

    The concept of average due date is used for which of the

    following? (i) For calculating interest on drawings of partners (ii) For settling accounts between principle and agent (iii) For settling contra accounts e.g. where parties sell goods to each other (iv) For making lump sum payment against various bills drawn on different dates with different due dates 
    A Only (i), (ii) and (iii) Correct Answer Incorrect Answer
    B Only (ii) and (iii) Correct Answer Incorrect Answer
    C (i), (ii), (iii) and (iv) Correct Answer Incorrect Answer
    D Only (i) and (ii) Correct Answer Incorrect Answer

    Solution

    The correct answer is C

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