Salary of a partner is shown in Option 1: Profit and Loss A/c Option 2: Profit and Loss Appropriation A/c Option 3: Trading A/c Option 4: Manufacturing A/c

The answer is 'Profit and Loss Appropriation A/c'. View full solution:

CUET Accountancy - Salary of a partner is shown in | PYQs + Solutions

CUET Accountancy 2023 20 June Shift 2

Partnership

Easy

Profit and Loss A/c

Profit and Loss Appropriation A/c

Trading A/c

Manufacturing A/c

✅ Correct Option: 2

Related questions:

14 May Shift 1

Amitabh and Babul are partners sharing profits in the ratio of 3:2, with capitals of Rs. 50,000 and Rs. 30,000 respectively. Interest on capital is agreed @ 6% p.a. Babul is to be allowed an annual salary of Rs. 2,500. Manager is to be allowed commission Rs. 5,000. Amitabh has also given a loan on April 01, 2019 of Rs. 50,000 to the firm without any agreement. During the year 2019-20, the profits earned is Rs. 22,250. What amount of profit will be transferred to Profit and Loss Appropriation account :

27 May Shift 1

Under which Section & Act, the Central Government is empowered to prescribe a maximum number of partners in a firm, but the number of partners can not be more than 100?

16 July Shift 2

Choose the correct sequence of financial statements prepared for a partnership firm at the end of a financial year.

A. Capital Accounts

B. Profit and Loss A/c

C. Profit and Loss Adjustment A/c

D. Balance Sheet

Choose the correct answer from the options given below:

CUET Accountancy 2023 20 June Shift 2 PYQs

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