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Questions
Which one of the following items is not dealt through Profit and Loss Appropriation Account?
Which one of the following items cannot be recorded in the profit and loss appropriation account?
Options
Interest on Capital
Interest on Drawings
Rent paid to partners
Partner’s salary
MCQ
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Solution
Rent paid to partners
Explanation:
Rent paid to a partner is reported on the debit side of the profit and loss account and deducted from the profit.
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