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12th Class Accountancy Fundamentals of Partnership Question Bank MCQs - Accounting for Partnership Firm : Fundamental

  • question_answer
    ‘R’ and ‘S’ were partners in a firm. They share their profits and losses in 1:2 ratio. ‘R’ is hard working and dedicated to the affairs of the firm. As per contract or deed he is to receive Rs.500 per month as salary. Journalise it if capital account is maintained under fixed capital method.

    A) Profit and Loss A/c                Dr.    6,000             To R’s Capital A/c                              6,000

    B) Profit and Loss Appropriation A/c   Dr.    6.000          To R’s Current A/c                     6,000

    C) Salary A/c                         Dr.    6,000        To Profit and Loss A/c                         6,000

    D) Salary A/c                        Dr.    6,000           To R’s Current A/c                             6,000

    Correct Answer: B

    Solution :

    [b] Profit and Loss Appropriation A/c Dr.    6,000                     To R’s Current A/c                         6,000


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