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Which of the following is not an item in the pr... - WAEC Accounting 2012 Question

Which of the following is not an item in the profit and loss account?

A
drawings
B
interest
C
salaries
D
bad debts
correct option: a

Drawings account is one of the temporary accounts and is closed at the end of accounting period. But this account is not closed in the income statement i.e. trading account or profit and loss account rather it is closed in the capital account of the owner which is reported in the statement of financial position

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