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प्रश्न
State whether the following statement is True or False.
The interest on drawings is an income of the firm.
विकल्प
True
False
MCQ
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उत्तर
True
Explanation: While interest on drawings is an income of the firm, it is an expense for the proprietor. As all the transactions are recorded from the business perspective, interest on drawings is recorded on the credit side of the Profit and Loss Account.
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