The share of profit of partners will appear: a. On the credit side of the partners+IBk- capital account b. Neither credit side nor debit side of the profit and loss appropriation account c. On the credit side of the profit and loss appropriation account d. On the debit side of the profit and loss appropriation account

The share of profit of partners will appear: a. On the credit side of the partners+IBk- capital account b. Neither credit side nor debit side of the profit and loss appropriation account c. On the credit side of the profit and loss appropriation account d. On the debit side of the profit and loss appropriation account

College Accounting, Chapters 1-27

23rd Edition

ISBN:9781337794756

Author:HEINTZ, James A.

Publisher:HEINTZ, James A.

Chapter19: Accounting For Partnerships

Section: Chapter Questions

Problem 3MC

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9. The share of profit of partners will appear:

On the credit side of the partners+IBk- capital account

Neither credit side nor debit side of the profit and loss appropriation account

On the credit side of the profit and loss appropriation account

On the debit side of the profit and loss appropriation account

Definition Definition Amount earned or lost on the sale of one or more items is referred to as the profit or loss on that item

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