Question : In case of fixed capital, salary and commission payable to a partner will be recorded on the:
Option 1: Debit side of partner's Capital A/c
Option 2: Credit side of partner's Capital A/c
Option 3: Debit side of partner's Current A/c
Option 4: Credit side of partner's Current A/c
Correct Answer: Credit side of partner's Current A/c
Solution : Being an income to the partners, salary and commission will be credited to the Partners' Current A/c. Hence, the correct option is 4.
Question : On which side Partner's drawings out of Capital will be recorded, when their capitals are fixed?
Question : The balance of partner's Capital Accounts, in case of fixed capital method, are:
Question : Which of the following is not recorded on the credit side of current accounts of partners?
Question : Interest on partner's drawings is credited to:
Question : Rent paid to a partner is debited to:
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