Which of the following is not a charge against profit:
a) Rent payable to a partner
b) Managers commission on profit
c) Interest on loan receivable from partner
d)both b and c
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Answer:
Interest on loan receivable from partner
Explanation:
Distribution of net profit of the year among partners under different heads as per the partnership Deed are considered in appropiation of profit. Interest on capital, Salary to partners, General Reserve, etc.
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