The double entry for interest on drawings by a partner is...
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.
\(\begin{array}{c|c} & \text{Dr GH¢} & \text{Cr GH¢} \\ \hline Advertising & 3...
The correct sequence in data processing is ...
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Transactions are recorded or posted to the ledger in line with ...
When the fixed capital method is used, the partners' share of profits and remunerations are cred...
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Goods bought from Sanmah for Le1,600 was entered into Shamail's Account. This is an error o...