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Profit or loss in a partnership is usually arrived at after deducting from gross profit...

Accounts - Principles of Accounts
JAMB 2018

Profit or loss in a partnership is usually arrived at after deducting from gross profit all expenses including____________

  • A. Partners salaries
  • B. Interest on capital
  • C. Interest on loans
  • D. Partners drawings
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Correct Answer: Option C
Explanation

is charged in the profit and loss account as finance expenses


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WAEC May/June 2024 - Practice for Objective & Theory - From 1988 till date, download app now - 99995
Post-UTME Past Questions - Original materials are available here - Download PDF for your school of choice + 1 year SMS alerts
WAEC Past Questions, Objective & Theory, Study 100% offline, Download app now - 24709
WAEC offline past questions - with all answers and explanations in one app - Download for free
WAEC offline past questions - with all answers and explanations in one app - Download for free
Post-UTME Past Questions - Original materials are available here - Download PDF for your school of choice + 1 year SMS alerts
WAEC Past Questions, Objective & Theory, Study 100% offline, Download app now - 24709
WAEC May/June 2024 - Practice for Objective & Theory - From 1988 till date, download app now - 99995