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From a partner's viewpoint, which of the following will have an unfavourable effect on the closing balance of the current account of a partner? i) Opening debit balance in the current account ii) Interest on drawings ii) Salaries iv) Drawings

From a partner's viewpoint, which of the following will have an unfavourable effect on the closing balance of the current account of a partner? i) Opening debit balance in the current account ii) Interest on drawings ii) Salaries iv) Drawings

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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From a partner's viewpoint, which of the following will have an unfavourable effect on the closing balance of the current account of a partner? i) Opening debit balance in the current account ii) Interest on drawings ii) Salaries iv) Drawings O A. i), ii), iii) and iv) O B. i), iii) and iv) O C.ii) and iv) only O D. i), ii) and iv)
Transcribed Image Text:From a partner's viewpoint, which of the following will have an unfavourable effect on the closing balance of the current account of a partner? i) Opening debit balance in the current account ii) Interest on drawings ii) Salaries iv) Drawings O A. i), ii), iii) and iv) O B. i), iii) and iv) O C.ii) and iv) only O D. i), ii) and iv)
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