HomeTestsSearchRankProfile
easyMCQCUET Accountancy 2023 20 June Shift 22026Accountancy
1 mark

Salary payable to a partner is presented in which of the following accounts?

  1. A
    Profit and Loss A/c
  2. B
    Profit and Loss Appropriation A/c
  3. C
    Trading A/c
  4. D
    Manufacturing A/c

Solution & Step-by-step Explanation

A partner's salary is an appropriation of corporate profits rather than a charge against profits. Charges against profits (like staff salary) belong in the Profit and Loss Account. Transactions dealing with the distribution of profits among partners—such as interest on capital, partner salaries, or commissions—are shown in the \textbf{Profit and Loss Appropriation Account}.

Practice this question

Try it yourself before checking the explanation above.

Salary payable to a partner is presented in which of the following accounts?
A
Profit and Loss A/c
B
Profit and Loss Appropriation A/c
C
Trading A/c
D
Manufacturing A/c

Share This Question

PartnershipAccounting

Related Questions

easyMCQ

Which one of the following statements is true?

easyMCQ

Which of the following statements is not correct?

easyMCQ

Which one of the following statements is correct?

easyMCQ

The product formed by the reaction of an aldehyde with a primary amine is:

easyMCQ

Which part of the tobacco plant is infected by Meloidogyne incognita?

easyMCQ

The term ecosystem was coined by:

Ready for a Full Test?

Practice with timed mock tests and track your performance across Accountancy.

Browse TestsLeaderboard

Discussion