Question : Rent paid to a partner is debited to:
Option 1: Partner's Capital A/c
Option 2: Profit and Loss A/c
Option 3: Profit and Loss Appropriation A/c
Option 4: Partner's Current A/c
Correct Answer: Profit and Loss A/c
Solution : Rent is paid to be debited to Profit and Loss A/c because it is a loss and charge against profit. Hence, the correct option is 2.
Question : Interest on partner's drawings is credited to:
Question : Interest on capital to partners is credited to:
Question : Partner's salary is debited to:
Question : In case of fixed capital, salary and commission payable to a partner will be recorded on the:
Question : Which of the following items is not recorded in Profit and Loss Appropriation A/c?
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