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Class 12 Accountancy Partnership Accounts - Basic Concepts AdjustmentsExpert

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A and B share profits equally. B's personal tax (₹18000) was paid by the firm and treated as expense. What is the net effect of correction?

Answer and explanation

Correct answer: Debit B (₹18000)

Personal tax is B's drawings, not firm expense. Removing expense increases profit, but B must be debited for drawings (₹18000).

Related tags

Partnership Adjustments Personal Tax Drawings Partnership Accounts Basic Concepts Accountancy Class 12 Mcq

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