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Question : Interest on partner's drawings is credited to:

Option 1: Profit and Loss A/c

Option 2: Profit and Loss Appropriation A/c

Option 3: Partner's Capital A/c

Option 4: Partner's Current Alc


Team Careers360 7th Jan, 2024
Answer (1)
Team Careers360 14th Jan, 2024

Correct Answer: Profit and Loss Appropriation A/c


Solution : Interest on partner's drawings is credited to Profit and Loss Appropriation A/c because it is an appropriation to the partners. Hence, the correct option is 2.

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