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

  • question_answer
    Vinod and Yuvraj are partners. Vinod withdrew Rs.50,000 and Yuvraj withdrew Rs.40,000 during the year for their personal use. There was a loss of Rs.2,500 during the year. As per the partnership deed interest on drawings is to be charged @ 10% p.a. Vinod's share of Profit/Loss.

    A) Vinod's Share of Profit Rs.1,000

    B) Vinod's Share of Loss Rs.3,500

    C) Vinod's Share of Profit Rs.3,500   

    D) Vinod's Share of Profit Rs.3,250

    Correct Answer: A

    Solution :

    Vinod's Share of Profit Rs.1,000


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