If the partners capital accounts are fixed, where will you record the

1.	If the partners capital accounts are fixed, where will you record the following items : (i) Salary to partners (ii) Drawing by a partners (iii) Interest on capital and (iv) Share of profit earned by a partner
Answer» (i) Credit side of Partner's current A/c (ii) Debit side of Partner's current A/c (iii) Credit side of Partners current A/c (iv) Credit side of Partners current A/c

If the partners capital accounts are fixed, where will you record the following items : (i) Salary to partners (ii) Drawing by a partners (iii) Interest on capital and (iv) Share of profit earned by a partner

Answer»

(i) Credit side of Partner's current A/c

(ii) Debit side of Partner's current A/c

(iii) Credit side of Partners current A/c

(iv) Credit side of Partners current A/c