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Question
Which of the following is true regarding Salary to a partner when the firm maintains fluctuating capital accounts?
Options
Debit Partner’s Loan A/c and Credit P & L Appropriation A/c.
Debit P & L A/c and Credit Partner’s Capital A/c.
Debit P & L Appropriation A/c and Credit Partner’s Current A/c.
Debit P & L Appropriation A/c and Credit Partner’s Capital A/c.
MCQ
Solution
Debit P & L Appropriation A/c and Credit Partner’s Capital A/c.
shaalaa.com
Maintenance of Capital Accounts of Partners
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