The salary of a partner is usually debited to the?
...The salary of a partner is usually debited to the?
Sundry debtors account
Appropriation account
Profit and loss account
Sundry current account
Correct answer is B
A partnership appropriation account is an intermediary account between the profit and loss account of the partnership and the individual capital accounts of each partner. The adjustments include such items as partner salaries and interest on partner capital, loans and drawings accounts
Goodwill is recognized in partnership when ...
Which of the following is no part of prime cost of production? ...
When provision is made for doubtful debt, the accounting entries are debit ...
Reccurrent expenditure of government is paid from ...
Four broad classifications of overheads are? ...
Which of the following ratios measure the ability of a firm to meet short-term obligations? ...
1/1/2010 31/12/2010 Creditors - #9,000 #9,800 Rent owing - #3,800 #2,500 Rates prepaid - #2,000 #...