Memorandum
Bye-law
Deed
Financial regulation
Correct answer is C
A partnership deed, also known as a partnership agreement, is a document that outlines in detail the rights and responsibilities of all parties to a business operation.
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
Which of the following is mostly used in treating partner's current earnings?
Savings account
Current account
Capital account
Share capital account
Correct answer is B
Current account of partners is also a type of Capital Account. So if there is a debit balance in Current Account, it means a loan give to the Partner by the Firm.
Goods returned to branch by customers is recorded in the head office books be debiting?
Bank account and crediting branch stock account
Goods sent to branch account and crediting branch debtors' account
Branch stock account and crediting branch debtors account
Branch debtors and credting cash accounts
Correct answer is C
By debiting branch stock account and crediting branch debtors account.
The branch expenses paid by the head office is recorded in the books by debiting branch?
Bad debt account and crediting branch debtor's account
Expenses account and crediting bank account
Profit and loss account and crediting branch stock account
Discount allowed account and crediting branch debtors' account
Correct answer is B
Branch current account; This account is maintained in the head office books to record all transactions between head office and branch. This account is debited with the following
From the above explanation, we would debit expenses account and crediting the bank account.