1.

Which of the following is true regarding Salary to a partner when the firm maintains fluctuating capital accounts?(A) Debit Partner’s Loan A/c and Credit P & L Appropriation A/c.(B) Debit P & L A/c and Credit Partner’s Capital A/c.(C) Debit P & L Appropriation A/c and Credit Partner’s Current A/c.(D) Debit P & L Appropriation A/c and Credit Partner’s Capital A/c.

Answer»

Correct answer is: (D) Debit P & L Appropriation A/c and Credit Partner’s Capital A/c.



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