Pick the odd one out from the following
Pick the odd one out from the following
a) Interest allowed on a loan taken by the firm from a partner
b) Rent due to a partner of the firm for using his premises for business purposes.
c) Salary due to the manager of the firm
d) Salary due to a partner of the firm
Anurag Pathak Changed status to publish April 9, 2023
Ans – d)
Explanation
Salary due to a partner of the firm is the appropriation and is recorded in the profit and Loss Appropriation Account.
On the other hand, interest on a loan of the partner, rent to the partner, and salary due to the manager are charged against profit and are recorded in the Profit and Loss Account.
Anurag Pathak Changed status to publish April 5, 2023
