Question

Assertion (A): Salary and commission to partner are recorded in profit& loss appropriation account Reason (R) : Salary and commission to paid to partners is an appropriation of profits.​

Answer 1

Answer:

$\huge{\pink{\mathfrak{Hope \: it \: may \: help \: you}}}$

$Profit \: and \: loss \: Appropriation \: account \: is \: prepared \: to \: show \: the \: distribution \: of \: net \: profit \: among \: the \: partners. \: It \: is \: only \: an \: extension \: of \: profit \: and \: loss \: account.</p><p></p><p></p><p>The \: profit \: and \: loss \: appropriation \: account  \: is \: debited \: with \: items \: which \: are \: appropriation \: of \: profits. </p><p></p><p></p><p>So, \: salary \: and \: commission \: to \: partners \: and \: interest \: on \: capital \: being \: an \: appropriation \: of profit \: is \: debited \: to \: profit \: and \: loss \: appropriation \: account. \\ </p><p>[tex]\huge{\pink{\mathfrak{Hope \: it \: may \: help \: you}}}</p><p>$