Salary to a partner is treated as an appropriation of profit, not a business expense. It is therefore debited to the Profit and Loss Appropriation Account and credited to the partner's capital/current account.
Salary of a partner is shown in
Held on 20 Jun 2023 · Verified 13 Jul 2026.
Profit and Loss A/c
Profit and Loss Appropriation A/c
Trading A/c
Manufacturing A/c
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An unrecorded asset is taken over by a creditor in full settlement in such a case
The liability of partners is
As per AS-26 Intangible assets like goodwill should be written off.
Identify the correct statement from the given below :-
By virtue of which section of the Indian Partnership Act 1932, partnership is defined as 'the relation between persons who have agreed to share the profits of a business carried on by all or any of them acting for all'.
Work through every CUET UG Partnership PYQ, year by year.