what journal entry will be pass if Q given compansation to P
?
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2
Answer:
Initially, if it is partneeship then the partners who is giving compensation, his Capital A/C should be debited and partner who is getting compensation, his account should be credited.
On receipt of compensation, Partner who is giving compensation, his account should be credited and bank or Cash A/C is to be debited
On payment of compensation to partner to whom compensation is payable, his capital A/C should be debited and Bank or Cash A/C is to be credited.
Answered by
1
Answer:
Explanation:
Compensation a/c. Dr.
To Q's capital a/c
Hope it helps you.
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