Question

Remuneration to partners was to be considered as charge against profit meaning

Answer 1

Answer:

Explanation:

Remuneration payable to a partner is considered as an appropriation of profits and not a charge against profit. Remuneration to a partner should be debited to the profit and loss appropriation account and not to the profit and loss account of the firm.

Answer 2

Answer:

Explanation:

Remuneration payable to a partner is considered as an appropriation of profits and not a charge against profit. Remuneration to a partner should be debited to the profit and loss appropriation account and not to the profit and loss account of the firm.