Question : Interest on partner's drawings is credited to:
Option 1: Profit and Loss A/c
Option 2: Profit and Loss Appropriation A/c
Option 3: Partner's Capital A/c
Option 4: Partner's Current Alc
Correct Answer: Profit and Loss Appropriation A/c
Solution : Interest on partner's drawings is credited to Profit and Loss Appropriation A/c because it is an appropriation to the partners. Hence, the correct option is 2.
Question : Rent paid to a partner is debited to:
Question : Interest on capital to partners is credited to:
Question : Which of the following items is not recorded in Profit and Loss Appropriation A/c?
Question : Partner's salary is debited to:
Question : The interest on Partner's Capital Accounts is to be credited to
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