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 drawings is transferred to__________ side of partner’s current account.OptionsDebitCreditAssetLiability
Answer» The interest on drawings is transferred to debit side of partner’s current account. Explanation: Interest on drawings is an expense for a partner. It is the charge/fee that a partner needs to pay to the firm in lieu of the amount withdrawn by him/her for personal use. It leads to a decline in the capital balance of the partner. Thus, it is transferred to the debit side of Partner’s Current Account.

Select the most appropriate alternative from those given below and rewrite the statement.The interest on drawings is transferred to__________ side of partner’s current account.OptionsDebitCreditAssetLiability

Answer»

The interest on drawings is transferred to debit side of partner’s current account.

Explanation: Interest on drawings is an expense for a partner. It is the charge/fee that a partner needs to pay to the firm in lieu of the amount withdrawn by him/her for personal use. It leads to a decline in the capital balance of the partner. Thus, it is transferred to the debit side of Partner’s Current Account.

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Select the most appropriate alternative from those given below and rewrite the statement.The interest on drawings is transferred to__________ side of partner’s current account.OptionsDebitCreditAssetLiability

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