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Question
A and B are partners. Net divisible profit as per Profit & Loss Appropriation Account is ₹ 3,00,000. The total interest on partner's drawings is ₹ 8,000. A's salary is ₹ 10,000 per quarter and B's salary is ₹ 60,000 per annum. Net profit earned as per Profit & Loss Account will be ______.
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Solution
A and B are partners. Net divisible profit as per Profit & Loss Appropriation Account is ₹ 3,00,000. The total interest on partner's drawings is ₹ 8,000. A's salary is ₹ 10,000 per quarter and B's salary is ₹ 60,000 per annum. Net profit earned as per Profit & Loss Account will be ₹ 3,92,000.
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