3) Partner's Salary of RO 6000 paid to partner Ahmed for the year. The adjustment Journal entry for the above transaction will be: a. Debit : Ahmed's Salary account RO 6000 Credit: Cash account RO 6000 b. Debit : Ahmed's Salary account RO 6000 Credit: Ahmed's Capital account RO 6000 c. Debit : Ahmed's Capital account RO 6000 Credit: Ahmed's Salary account RO 6000 d. Debit : Cash account RO 6000 Credit: Ahmed's Salary account RO 6000
Partnership Accounting
A partnership is a kind of arrangement between two or more people whereby they agree to manage the business operations and share its profits and losses in an agreed ratio between them. The agreement that is drafted and signed by the partners of the firm is termed as partnership deed and contains various important clauses agreed between the partners such as profit/loss sharing, interest on capital, remuneration allocation of each partner, drawings, admission of a new partner, etc.
Partner Admission and Withdrawal
A partnership is a kind of arrangement between two or more people whereby they agree to manage the business operations and share its profits and losses in an agreed ratio between them. The agreement that is drafted and signed by the partners of the firm is termed as a partnership deed and contains various important clauses agreed between the partners such as profit/loss sharing, interest on capital, remuneration allocation of each partner, drawings of a partner, etc.
23) Partner's Salary of RO 6000 paid to partner Ahmed for the year.
The
Debit : Ahmed's Salary account RO 6000
Credit: Cash account RO 6000
Debit : Ahmed's Salary account RO 6000
Credit: Ahmed's Capital account RO 6000
Debit : Ahmed's Capital account RO 6000
Credit: Ahmed's Salary account RO 6000
Debit : Cash account RO 6000
Credit: Ahmed's Salary account RO 6000
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