{"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&#8217;s capital is Rs. 18,000 and, interest on partner&#8217;s drawings is Rs. 2,000. The net profit as per profit and loss appropriation account will be"},"content":{"rendered":"<p>\r\n    <!-- Check if it's an AMP page -->\r\n            <!-- Non-AMP version -->\r\n        <div class=\"mcq-container\" data-quiz-id=\"quizState_6a97423929de1\">\r\n                                            <div class=\"option\" data-option-key=\"option1\" data-is-correct=\"false\">\r\n                    Rs. 1,66,000                <\/div>\r\n                                            <div class=\"option\" data-option-key=\"option2\" data-is-correct=\"false\">\r\n                    Rs. 1,70,000                <\/div>\r\n                                            <div class=\"option\" data-option-key=\"option3\" data-is-correct=\"true\">\r\n                    Rs. 1,30,000                <\/div>\r\n                                            <div class=\"option\" data-option-key=\"option4\" data-is-correct=\"false\">\r\n                    Rs. 1,34,000                <\/div>\r\n                            \r\n            <!-- Feedback messages for non-AMP -->\r\n            <div class=\"feedback\" data-feedback=\"wrong\">Answer is Right!<\/div>\r\n            <div class=\"feedback\" data-feedback=\"right\">Answer is Wrong!<\/div>\r\n        <\/div>\r\n\r\n        <script>\r\n        document.addEventListener('DOMContentLoaded', function () {\r\n            var containers = document.querySelectorAll('.mcq-container');\r\n\r\n            containers.forEach(function(container) {\r\n                var options = container.querySelectorAll('.option');\r\n                var feedbackSelect = container.querySelector('[data-feedback=\"select\"]');\r\n                var feedbackWrong = container.querySelector('[data-feedback=\"wrong\"]');\r\n                var feedbackRight = container.querySelector('[data-feedback=\"right\"]');\r\n\r\n                options.forEach(function(option) {\r\n                    option.addEventListener('click', function() {\r\n                        var selectedOption = option.getAttribute('data-option-key');\r\n                        var isCorrect = option.getAttribute('data-is-correct') === 'true';\r\n\r\n                        \/\/ Remove previous selections\r\n                        options.forEach(function(opt) {\r\n                            opt.classList.remove('correct', 'incorrect');\r\n                        });\r\n\r\n                        \/\/ Add the correct\/incorrect class\r\n                        if (isCorrect) {\r\n                            option.classList.add('correct');\r\n                            feedbackRight.hidden = false;\r\n                            feedbackWrong.hidden = true;\r\n                        } else {\r\n                            option.classList.add('incorrect');\r\n                            feedbackRight.hidden = true;\r\n                            feedbackWrong.hidden = false;\r\n                        }\r\n\r\n                        \/\/ Hide select feedback\r\n                        feedbackSelect.hidden = true;\r\n                    });\r\n                });\r\n            });\r\n        });\r\n        <\/script>\r\n    \r\n    <!--more--><\/p>\n<p>The correct answer is: <strong>C. Rs. 1,30,000<\/strong><\/p>\n<p>The net profit as per profit and loss appropriation account is calculated by deducting the total interest on partner&#8217;s capital and interest on partner&#8217;s drawings from the net profit for the year.<\/p>\n<p>In this case, the net profit for the year is Rs. 1,50,000. The total interest on partner&#8217;s capital is Rs. 18,000 and, interest on partner&#8217;s drawings is Rs. 2,000. Therefore, the net profit as per profit and loss appropriation account is:<\/p>\n<p>Net profit = Net profit for the year &#8211; <div class=\"youtube-subscribe-container\">\r\n        <a href=\"https:\/\/www.youtube.com\/channel\/UCNHT8lW-JmLC68rjBfZhdkg?sub_confirmation=1\" target=\"_blank\" class=\"youtube-subscribe-button\">\r\n            <span class=\"youtube-icon\">\r\n                <svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" viewBox=\"0 0 576 512\">\r\n                    <path d=\"M549.7 124.1c-6.3-23.7-24.8-42.3-48.3-48.6C458.8 64 288 64 288 64S117.2 64 74.6 75.5c-23.5 6.3-42 24.9-48.3 48.6-11.4 42.9-11.4 132.3-11.4 132.3s0 89.4 11.4 132.3c6.3 23.7 24.8 41.5 48.3 47.8C117.2 448 288 448 288 448s170.8 0 213.4-11.5c23.5-6.3 42-24.2 48.3-47.8 11.4-42.9 11.4-132.3 11.4-132.3s0-89.4-11.4-132.3zm-317.5 213.5V175.2l142.7 81.2-142.7 81.2z\"\/>\r\n                <\/svg>\r\n            <\/span>\r\n            Subscribe on YouTube\r\n        <div class=\"telegram-channel-container\">\r\n        <a href=\"https:\/\/t.me\/pscnotes2025\" target=\"_blank\" class=\"telegram-channel-button\">\r\n            <span class=\"telegram-icon\">\r\n                <svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" viewBox=\"0 0 496 512\">\r\n                    <path fill=\"white\" d=\"M248,8C111,8,0,119,0,256s111,248,248,248s248-111,248-248S385,8,248,8z M362,177L320,367c-3,14-10,18-20,14l-56-41l-27,26 c-3,3-5,5-10,5l4-63L323,196c5-5-1-7-8-3l-98,62l-42-13c-9-3-10-9,2-14l162-63C351,160,365,164,362,177z\"\/>\r\n                <\/svg>\r\n            <\/span>\r\n            Join Our Telegram Channel\r\n        <\/a>\r\n    <\/div> <\/a>\r\n    <\/div> Total interest on partner&#8217;s capital &#8211; Interest on partner&#8217;s drawings<\/p>\n<p>= Rs. 1,50,000 &#8211; Rs. 18,000 &#8211; Rs. 2,000<\/p>\n<p>= Rs. 1,30,000<\/p>\n<p>The other options are incorrect because they do not take into account the total interest on partner&#8217;s capital and interest on partner&#8217;s drawings.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Join Our Telegram Channel Subscribe on YouTube<\/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":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v22.2 (Yoast SEO v23.3) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>According to the profit and loss account, the net profit for the year is Rs. 1,50,000. The total interest on partner&#039;s capital is Rs. 18,000 and, interest on partner&#039;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&#039;s capital is Rs. 18,000 and, interest on partner&#039;s drawings is Rs. 2,000. 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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","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"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\/","og_locale":"en_US","og_type":"article","og_title":"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. 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The total interest on partner&#8217;s capital is Rs. 18,000 and, interest on partner&#8217;s drawings is Rs. 2,000. 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