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According to Profit and Loss Account, th...

According to Profit and Loss Account, the net profit for the year is Rs.1,50,000. The total interest on partner's capital is Rs.18,000 and interest on partner's drawings is Rs.2,000. The net profit as per Profit and Loss Appropriation Account will be :

A

Rs.1,66,000

B

Rs.1,70,000

C

Rs.1,30,000

D

Rs.1,34,000

Text Solution

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The correct Answer is:
D
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Knowledge Check

  • Insurance Premium paid during the year is Rs 10,000 and Opening Prepaid insurance is Rs 3,000. Insurance Expenses shown in the Profit and Loss Account will be

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