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
The subscribed share capital is ...
Accumulated fund is also referred to as ...
A non-cash expense chargeable against profit and loss account is ...
i. cash at bank ii. cash in hand iii. premises iv. land ...
i. cash at bank ii. cash in hand iii. premises iv. land ...
The chief accounting officer of Nigeria is called the ...
Patient and trade marks are classified under ...
In the balance sheet, the balance on the provision for Depreciation Account shown as ...