One Point Solution for All JKSSB Exams

Accountancy MCQs

Profit and Loss Account Questions with solutions MCQs

1. Which of the following would not be found in a profit & loss appropriation account?

Interest on capital

Salaries

Interest on loan by partner to partnership

Interest on drawings

Profit and Loss Account Accountancy and Book Keeping

Correct Answer : C
Explanation :

Salary/commission to manager is an item of Profit and loss account. Only items relating to partners will be entered in Profit and loss Appropriation like interest on capital, profit, interest on drawings, salary/commission to partners.

Correct Answered :

Wrong Answered :

2. Which one of the following items cannot be recorded in the profit and loss appropriation account?

Interest on capital

Interest on drawings

Rent paid to partner

Partner`s salary