Rent payable to partner is....
Answer & explanation
Correct answer: option 3
The correct answer is option 3- Debited to profit and loss account.
Rent payable to partner is debited to profit and loss account.
The partnership firm is paying rent to partners. Rent paid to partners is a charge against profit. Debiting the Profit and Loss Account indicates an expense for the business which reduces the net profit of the firm.