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      Question

      Which of the following expenses appear in the Profit

      and Loss account?
      A Personal income tax paid Correct Answer Incorrect Answer
      B Drawings in the form of cash, goods by the proprietor Correct Answer Incorrect Answer
      C Stock lost by fire and not covered by insurance Correct Answer Incorrect Answer
      D Life insurance premium paid by the firm on behalf of the proprietor Correct Answer Incorrect Answer

      Solution

      The correct answer is C

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