Question : Which of the following items is not recorded in Profit and Loss Appropriation A/c?
Option 1: Interest on Partner's Capital
Option 2: Amount of Partner's drawings
Option 3: Profit as per Profit and Loss
Option 4: Commission to a partner
Correct Answer: Amount of Partner's drawings
Solution : Amount of partner's drawings will be recorded in the partner's capital account. 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 : In case of fixed capital, salary and commission payable to a partner will be recorded on the:
Question : Interest on capital to partners is credited to:
Question : Partner's salary is debited to:
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