Mr. A who is a managing partner in charge with human resource collected the debt from Mr. C, his debtor and at the same time debtor of the partnership. He issued a receipt for his personal credit only. May the payment of Mr. C be applied proportionately to Mr. C’s debt to the partnership?

Mr. A who is a managing partner in charge with human resource collected the debt from Mr. C, his debtor and at the same time debtor of the partnership. He issued a receipt for his personal credit only. May the payment of Mr. C be applied proportionately to Mr. C’s debt to the partnership?

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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