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At the time of reconstitution of a partnership firm, recording of an unrecorded liability will lead to:

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At the time of reconstitution of a partnership firm, recording of an unrecorded liability will lead to:

(A) Gain to the existing partners

(B) Loss to the existing partners

(C) Neither gain nor loss to the existing partners

(D) None of the above

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Correct answer is: (B) Loss to the existing partners

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