The double entry for interest on drawings by a partner is: debit
Partner's Current Account; credit Appropriation Account
Profit and Loss Account: credit Interest Account
Appropriation Account credit Partner's Current Account
Interest Account: credit Profit and Loss Account
Correct answer is A
No explanation has been provided for this answer.
When bank charges are discovered in a bank statement, the adjustment is effected in the
Bank reconciliation statement
Cash book
Suspense account
Bank loan account
Correct answer is B
No explanation has been provided for this answer.
A debit entry in a fixed asset account represents
An increase in the fixed asset account
A decrease in the fixed asset account
A profit on disposal of the fixed asset
A loss on disposal of the fixed asset
Correct answer is A
No explanation has been provided for this answer.
$90,000
$82,000
$78,000
$70,000
Correct answer is B
No explanation has been provided for this answer.
The net book value of the machine as at 31st December 2017 was
44,000
41,200
39,000
38,760
Correct answer is B
No explanation has been provided for this answer.