Select the most appropriate alternative from those given below and rew

1.	Select the most appropriate alternative from those given below and rewrite the statement.The interest on capital of a partner is credited to _________ account.OptionsTradingProfit and lossPartner’s capitalCash
Answer» The interest on capital of a partner is credited to partner’s capital account. Explanation: Interest on capital is an income for a partner. It is a kind of revenue that partners earn on the capital contributed by them in the partnership business. It leads to an increase in capital; so it is credited to Partners’ Capital Account.

Select the most appropriate alternative from those given below and rewrite the statement.The interest on capital of a partner is credited to _________ account.OptionsTradingProfit and lossPartner’s capitalCash

Answer»

The interest on capital of a partner is credited to partner’s capital account.

Explanation: Interest on capital is an income for a partner. It is a kind of revenue that partners earn on the capital contributed by them in the partnership business. It leads to an increase in capital; so it is credited to Partners’ Capital Account.

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Select the most appropriate alternative from those given below and rewrite the statement.The interest on capital of a partner is credited to _________ account.OptionsTradingProfit and lossPartner’s capitalCash

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