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Vinod (a partner) gets commission on …

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Vinod (a partner) gets commission on Sale Rs.7,000. This will be recorded in: (a) Profit and Loss Account (b) Profit and Loss Adjustment Account (c) Profit and Loss Suspense Account (d) Profit and Loss Appropriation Account

Posted by Krushit Shah 3 years, 11 months ago

CBSE > Class 12 > Accountancy

4 answers

Nishita Singh 3 years, 10 months ago

Profit and loss appropriation

Priya Singh 3 years, 11 months ago

Profit and loss account

Ramandeepkaurbrar Kaurbrar 3 years, 11 months ago

CURRENT A/C

Gaurav Seth 3 years, 11 months ago

The salaries or commission to partners is a appropriation of profit rather than charge so it is debited to profit and loss appropriation account and shall be credited to respective partners' capital accounts if capitals are fluctuating and to be credited to partners current account if capitals are fixed in nature.

Salary/Commission ...........................Dr.
To Partners' capital/current A/c

Profit and loss appropriation A/C.......................Dr.
To Salary/Commission

ANSWER

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