✓ Board-verified
Accountancy · 2023 · 1 mark
Accounting for Partnership: Basic ConceptsSpecial Aspects of Partnership Accounts1 markvery short answer
CBSE 2023 · Region 3 · Set 3 · Q5
Assertion (A) : Interest on p artners' loan is debited to Profit and Loss Account. Reason (R) : Interest on p artners' loan is a charge against profits. On the basis of the above Assertion (A) and Reason (R), choose the correct option from the following :
Official answer
From CBSE’s own marking scheme for this paper.
(C)
Both Assertion (A) and Reason (R) are correct
Marking-scheme solution
(c)
Both Assertion (A) and Reason (R) are correct.
Practice Accounting for Partnership: Basic Concepts →All Accounting for Partnership: Basic Concepts questions
More from Accounting for Partnership: Basic Concepts
- Anita and Priyal were partners in a firm sharing profits and losses in the ratio of 3: 2. On 1st April, 2024,…2026
- Reema, Meesha and Shikha were partners in a partnership firm sharing profits and losses in the ratio of 8: 7:…2025
- Anuj and Kartik were partners in a firm sharing profits and losses in the ratio of 5: 4. Anuj withdrew ₹…2025
- Monika, Bhoomika and Kamolika are partners sharing profits in the ratio of 6: 4: 1. Kamolika is guaranteed a…2023
- Richa, Sheena and Tapti were partners in a firm sharing profits and losses in the ratio of 3: 2: 1. The…2024
- Radhika, Mehar and Shubha were partners in a firm sharing profits and losses in the ratio of 9: 8: 7. If…2025
- Sun and Moon were partners in a firm sharing profits and losses equally. Their fixed capitals were ₹ 5,00,000…2025
- Nandita and Prabha were partners in a firm manufacturing furniture. They were sharing profits and losses in…2026
CBSE Class 12 Accountancy past-paper question from the 2023board exam, with the answer as CBSE’s own marking scheme gives it. Where our answers come from.