Partner’s Salary – NBC Institute

FA – May 2014 – L1 – SA – Q13 – Partnership Accounting

Determines the correct accounting entries for a partner's salary payment

Question

The accounting entries for salary paid or payable to a partner are:
A. Debit Profit or Loss Appropriation Account; Credit Partner’s Current Account
B. Debit Partner’s Current Account; Credit Profit or Loss Account
C. Debit Partner’s Current Account; Credit Profit or Loss Account
D. Debit Partner’s Capital Account; Credit Profit or Loss Account
E. Debit Partner’s Salary Account; Credit Profit or Loss Appropriation Account

Answer

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Tags: Accounting Entries, Partner's Salary, Partnership
Level: Level 1

Topic: Partnership Accounts (Including Profit Sharing, Capital and Current Accounts)
Series: MAY 2014

Question Tag: Partner's Salary

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FA – May 2014 – L1 – SA – Q13 – Partnership Accounting

Determines the correct accounting entries for a partner's salary payment

FA – May 2014 – L1 – SA – Q13 – Partnership Accounting

Determines the correct accounting entries for a partner's salary payment

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Question Tag: Partner's Salary

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FA – May 2014 – L1 – SA – Q13 – Partnership Accounting

Determines the correct accounting entries for a partner's salary payment

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FA – May 2014 – L1 – SA – Q13 – Partnership Accounting

Determines the correct accounting entries for a partner's salary payment

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