Question : Which of the following is an appropriation of profit?
Option 1: Interest on Loan
Option 2: Interest on Partner's Capital
Option 3: Salary to Manager
Option 4: Rent
Correct Answer: Interest on Partner's Capital
Solution : Following is the appropriation of profit: 1. Interest on partner's capital, 2. Partner's salary 3. Partner's commission, etc. Hence, the correct option is 2.
Question : Interest on partner's drawings is credited to:
Question : Rent paid to a partner is debited to:
Question : Which of the following is not recorded on the credit side of current accounts of partners?
Question : Which of the following items is not recorded in Profit and Loss Appropriation A/c?
Question : The interest on Partner's Capital Accounts is to be credited to
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