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Home Questions XJFYERQKDK
Target Exam

CUET

Subject

Accountancy

Chapter

Accounting for Partnership

Question:

While transferring salaries to partners, profit and loss appropriation A/c is:

Options:

Credited

Debited

Both

None of these

Correct Answer:

Debited

Explanation:

For transferring partner’s salary to Profit and Loss Appropriation Account
The journal entry is:
Profit and Loss Appropriation A/c Dr.
    To Salary to Partner’s A/c

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