{"id":50623,"date":"2024-04-15T23:12:59","date_gmt":"2024-04-15T23:12:59","guid":{"rendered":"https:\/\/exam.pscnotes.com\/mcq\/?p=50623"},"modified":"2024-04-15T23:12:59","modified_gmt":"2024-04-15T23:12:59","slug":"according-to-the-profit-and-loss-account-the-net-profit-for-the-year-is-rs-150000-the-total-interest-on-partners-capital-is-rs-18000-and-interest-on-partners-drawings-is-rs-2000-the-net","status":"publish","type":"post","link":"https:\/\/exam.pscnotes.com\/mcq\/according-to-the-profit-and-loss-account-the-net-profit-for-the-year-is-rs-150000-the-total-interest-on-partners-capital-is-rs-18000-and-interest-on-partners-drawings-is-rs-2000-the-net\/","title":{"rendered":"According to the 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"},"content":{"rendered":"

[amp_mcq option1=”Rs. 1,66,000″ option2=”Rs. 1,70,000″ option3=”Rs. 1,30,000″ option4=”Rs. 1,34,000″ correct=”option3″]<\/p>\n

The correct answer is: C. Rs. 1,30,000<\/strong><\/p>\n

The net profit as per profit and loss appropriation account is calculated by deducting the total interest on partner’s capital and interest on partner’s drawings from the net profit for the year.<\/p>\n

In this case, 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. Therefore, the net profit as per profit and loss appropriation account is:<\/p>\n

Net profit = Net profit for the year – Total interest on partner’s capital – Interest on partner’s drawings<\/p>\n

= Rs. 1,50,000 – Rs. 18,000 – Rs. 2,000<\/p>\n

= Rs. 1,30,000<\/p>\n

The other options are incorrect because they do not take into account the total interest on partner’s capital and interest on partner’s drawings.<\/p>\n","protected":false},"excerpt":{"rendered":"

[amp_mcq option1=”Rs. 1,66,000″ option2=”Rs. 1,70,000″ option3=”Rs. 1,30,000″ option4=”Rs. 1,34,000″ correct=”option3″]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[85],"tags":[],"class_list":["post-50623","post","type-post","status-publish","format-standard","hentry","category-accounting","no-featured-image-padding"],"yoast_head":"\nAccording to the 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<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/exam.pscnotes.com\/mcq\/according-to-the-profit-and-loss-account-the-net-profit-for-the-year-is-rs-150000-the-total-interest-on-partners-capital-is-rs-18000-and-interest-on-partners-drawings-is-rs-2000-the-net\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"According to the 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\" \/>\n<meta property=\"og:description\" content=\"[amp_mcq option1=”Rs. 1,66,000″ option2=”Rs. 1,70,000″ option3=”Rs. 1,30,000″ option4=”Rs. 1,34,000″ correct=”option3″]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/exam.pscnotes.com\/mcq\/according-to-the-profit-and-loss-account-the-net-profit-for-the-year-is-rs-150000-the-total-interest-on-partners-capital-is-rs-18000-and-interest-on-partners-drawings-is-rs-2000-the-net\/\" \/>\n<meta property=\"og:site_name\" content=\"MCQ and Quiz for Exams\" \/>\n<meta property=\"article:published_time\" content=\"2024-04-15T23:12:59+00:00\" \/>\n<meta name=\"author\" content=\"rawan239\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"rawan239\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"1 minute\" \/>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"According to the profit and loss account, the net profit for the year is Rs. 1,50,000. 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