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 control accounting can be used in? ...
Purchasers - #44,880 Sales - #85,850 Trade creditors - #12,250 Trade debtors - #24,000 Accrued e...
Set-off is carried out in the control account when ...
The purpose of profit and loss account is to ascertain ...
Given: ..............Rich Social Club........... Cash.........................N100,000 Loan ........
Goods worth N300 was transferred from department Q to P Similarly, P's total expenses for the pe...