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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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