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12th Class Accountancy Fundamentals of Partnership Question Bank MCQs - Accounting for Partnership Firm : Fundamental

  • question_answer
    According to profit and loss account, the net profit for the year is Rs.15,000. The total interest on partner’s capital is Rs.1,800 and interest on partner’s drawings is Rs.200. The net profit as per profit and loss appropriation account will be:

    A) Rs.16,600            

    B) Rs.17,000

    C) Rs.13,000             

    D) Rs.13,400

    Correct Answer: D

    Solution :

    [d] Rs.13,400
    Hint: Net Profit as per Profit and Loss Appropriation Account
    = (15,000 + 200 - 1,800)
    = Rs.13,400
     


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