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Question
Which of the following would not be found in a partnership appropriation account?
Which of the following would not be found in a partnership appropriation account?
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Solution
The correct option is B Interest on loan by partner to partnership
partnership appropriation account is to allow adjustments to be made to the net income from the profit and loss account before distribution of any residual net income is made to the partner capital accounts. The adjustments include such items as partner salaries and interest on partner capital, loans and drawings accounts.
partnership appropriation account is to allow adjustments to be made to the net income from the profit and loss account before distribution of any residual net income is made to the partner capital accounts. The adjustments include such items as partner salaries and interest on partner capital, loans and drawings accounts.
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