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____________

  • Partners salaries
  • Interest on capital
  • Interest on loans checkmark
  • Partners drawings

The correct answer is: C

Explanation

is charged in the profit and loss account as finance expenses

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