Question

Which of the following is true regarding Salary to a partner when
the firm maintains fluctuating capital accounts? (A) Debit Partner’s Loan A/c and Credit P & L Appropriation A/c.
(B) Debit P & L A/c and Credit Partner’s Capital A/c.
(C) Debit P & L Appropriation A/c and Credit Partner’s Current A/c.
(D) Debit P & L Appropriation A/c and Credit Partner’s Capital A/c.

Answer 1

Answer:

option ( C ) is correct answer

* P & L Appropriation A/c Dr.

To Partner’s Current A/c