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If As salary Rs 5000 has been debited to Profit and Loss Appropriation Account where is the second effect?

Answer and explanation

Correct answer: Credit in As capital or current account

Partner salary has double effect. It is debited to appropriation account and credited to partner account.

Related tags

Double EffectSalaryAdjustmentAdjustmentsPartnership Accounts Basic ConceptsAccountancyClass 12 Mcq

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