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Where would you record Rent paid …

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Where would you record Rent paid to partner while preparing P/LAppropriationA/c

Posted by Kunal Yadav 5 years, 7 months ago

CBSE > Class 12 > Accountancy

1 answers

Prabhsung Pmadam 5 years, 7 months ago

Rent paid by a firm is such an expenditure which is incurred irrespective of any partner. It is not directly related to the partner. For eg, interest on capital is directly related to the capital contribution by the partners. Hence, the rent paid is debited to P/L account instead of Appropriation account.

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