Question : Partner's salary is debited to:
Option 1: Trading A/c
Option 2: Profit and Loss A/c
Option 3: Profit and Loss Appropriation A/c
Option 4: None of these
Answer (1)
22nd Jan, 2024
Correct Answer: Profit and Loss Appropriation A/c
Solution : Partner's salary is debited to Profit and Loss Appropriation A/c because it is an appropriation for the firm. Hence, the correct option is 3.
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