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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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