Standard Deduction available to salaried employees under Section 16(ia) for FY 2023-24 is: MCQ with Answer and Explanation

Explanation:
The rule dictates that if a partner becomes insolvent, the capital deficiency is borne by solvent partners in the ratio of their last agreed capital.

Explanation:
Prior period items are disclosed separately in the statement of profit and loss.

Explanation:
Interest on drawings is an appropriation of profit in sole proprietorship? Actually in sole proprietorship, drawings are not subject to interest unless specifically decided for managerial accounting. But in financial accounting for sole traders, interest on drawings is not charged to P&L. It reduces capital directly if considered. So it does not affect net profit. Others affect P&L.