Profit of a partnership firm is ₹16000

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Target Exam

CUET

Subject

-- Accountancy Part A

Chapter

Admission of a Partner

Question:

Profit of a partnership firm is ₹160000; it includes abnormal gain of ₹20000. Find out the correct normal profit of the year?

Options:

₹140000

₹180000

₹120000

₹160000

Correct Answer:

₹140000

Explanation:

Correct normal profit = 160000- 20000 = ₹140000