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

By: |Published on: Nov 28|Categories: Accounting JAMB| 0 comments

A. Partners salaries
B. Interest on capital
C. Interest on loans
D. Partners drawings

Correct Answer:

Option C – Interest on loans

Explanation

is charged in the profit and loss account as finance expenses

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