In the books of a partnership, what should the ledger entries for interest on drawings be? A.

Question:

In the books of a partnership, what should the ledger entries for interest on drawings be?

A. Debit: appropriation account Credit: partners' current accounts

B. Debit: partners' current accounts Credit: appropriation account

C. Debit: partners' current accounts Credit: partners' drawings accounts

D. Debit: partners' current accounts Credit: partners' current accounts

Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For book-img-for-question

Accounting For Cambridge International AS And A Level

ISBN: 9780198399711

1st Edition

Authors: Jacqueline Halls Bryan, Peter Hailstone

See More Books

Question Posted: Sep 17, 2021 01:41 AM

See More Questions

In the books of a partnership, what should interest on drawings be debited to? A. The appropriation account B. The bank account C. The partners' current accounts D. The partners' drawings accounts
The following errors are in the books of Mr. Hilal at end March 2017. The error committed is provided. Discuss the following for each of the below errors: a) The type of error committed; and b)...
The following transactions in the books of Mr. Amar who commenced the business with cash OMR. on 1 st march 2020 (Take any amount between 500,000 and 1,000,000) and post them in the Ledger and...
MAX DIVISOR TREE Let a tree exists with the root value N. The property of this tree is that each of its nodes branches out to the nodes with a value equal to one of its divisors (except 1 and the...
What is meant by the term demographic analysis?
Tim Cooper plans to invest money in a mutual fund that is tied to one of the major market indices, either the S&P 500 or the Dow Jones Industrial Average. To obtain even more diversification, Tim has...
Thakin Industries Inc. manufactures dorm furniture in separate processes. In each process, materials are entered at the beginning, and conversion costs are incurred uniformly. Production and cost...
Listed below are several terms and phrases associated with earnings per share. Pair each item from List A with the item from List B (by letter) that is most appropriately associated withit. List A...
On May 15, Julio borrowed $800.00 from Sheridan Credit Union at 6.3% per annum calculated on the daily balance. He gave the credit union six cheques for $120.00 dated the 15th of each of the next six...
Suppose that you have decided to fund a three-year liability with a portfolio consisting of positions in a two-year zero-coupon bond (2YR) and a four-year zero-coupon bond (4YR). The current interest...
Which actions would increase the liquid (acid test) ratio of a business in the short term? i. Trade receivables paying Their debts ii. Paying trade payables iii. Selling a number of surplus...
A company produces the following information concerning inventory turnover. If the Year 2 average inventory is double Year 1's and the cost of goods sold is increased to $960,000, what will the...
Why are such analyses important in not-for-profit businesses?
What work trait differences are similar in chart 1 and chart 2? Provide a comment for each of the 4 generations from each chart. Which work trait differences vary from those identified in chart 1 and...
Given the ALU design illustrated below, without changing the circuit design, please use the ALU to perform a logic NAND operation. Find out what the control signals should be (i.e. the values of...
Problem #5: Using the method of joints, determine the force in each member. State whether each member is in compression or tension. If the largest force each member can support is 4kN tension and 3kN...
Your cultural/social background and that of your family. What language, policies/structures and customs are relevant to your own culture? How do you think your own background impacts on people from...
In this second Case Assignment, the assignment is going to test your understanding of how successful teams operate efficiently through teamwork. Teamwork relies upon individuals to work together to...
Explain how the capitalization of earnings method takes into account the relative risk of the particular business being valued.
Rosalie owns 50% of the outstanding stock of Salmon Corporation. In a qualifying stock redemption, Salmon distributes $80,000 to Rosalie in exchange for one-half of her shares, which have a basis of...
List and describe the limitations to using big data.
Should all organizations try to analyze big data? Why or why not? What management, organization, and technology issues should be addressed before a company decides to work with big data?
What is network neutrality? Why has the Internet operated under net neutrality up to this point in time?
Milano Pizza is a small neighborhood pizzeria that has a small area for in-store dining as well as offering take-out and free home delivery services. The pizzerias owner has determined that the shop...
Which of the following statement regarding a post-closing trial balance is not true
What are the benefits and potential risks factors for undertaking derivative strategies compared to cash transactions

In the books of a partnership, what should the ledger entries for interest on drawings be? A.

Question:

Step by Step Answer:

B Debit partners current accounts Credit appropriation account In the books of a partnership the ...View the full answer

Accounting For Cambridge International AS And A Level

Students also viewed these Business questions