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Interest on partner's drawings will be c...

Interest on partner's drawings will be credited to

A

Profit and Loss Account

B

Profit and Loss Appropriation Account

C

Partner's Capital Accounts

D

None of the Above

Text Solution

Verified by Experts

The correct Answer is:
B
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Interest on Partner's drawings will be debited to :

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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 :