Partnership journal entries
This query is : Resolved
15 February 2013
Wen ever in d qts it is said dat partner A is entitled to a salary of rs. 500 pm we pass d following entry :
P/l A/c dr
To A's capital A/c
but y not this :
A's A/c dr
To Salary A/c
P/l A/c dr
To A's capital A/c
but y not this :
A's A/c dr
To Salary A/c
15 February 2013
A's A/c dr
To Salary A/c
This entry is wrong. Salary is expenditure of the firm so it must be debited.so the entry should be:-
Salary A/c Dr.
To Cash/Bank
If salary is not withdrawn by partner then
Salary A/c Dr.
To A's Capital A/c.
To Salary A/c
This entry is wrong. Salary is expenditure of the firm so it must be debited.so the entry should be:-
Salary A/c Dr.
To Cash/Bank
If salary is not withdrawn by partner then
Salary A/c Dr.
To A's Capital A/c.
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