What double entry is necessary to reflect interest charged on partners drawing? (A) Dr: Partners current a/c;
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Question:
(A) Dr: Partner’s current a/c; Cr: Drawings a/c
(B) Dr: Drawings a/c ;Cr: Partner’s current a/c
(C) Dr: Partner’s current a/c; Cr: Profit and loss appropriation account
(D) Dr: Profit and loss appropriation account ; Cr: Partner’s capital a/c
Related Book For
Intermediate Accounting 2014 FASB Update
ISBN: 978-1118147290
15th edition
Authors: Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield
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