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Class 12 Accountancy Partnership Accounts - Basic Concepts AdjustmentsMedium

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As profit share is Rs 35000 and interest on drawings is Rs 4500. What will be the net effect in As account?

Answer and explanation

Correct answer: Rs 30500 credit

Profit share is credited and interest on drawings is debited. Net effect is Rs 35000 minus Rs 4500 equal to Rs 30500 credit.

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Profit Share Interest On Drawings Net Effect Adjustments Partnership Accounts Basic Concepts Accountancy Class 12 Mcq

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