Commerce Exam > Commerce Questions > Salary paid to the manager will be shown in:a...
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Salary paid to the manager will be shown in:
- a)Profit and loss appropriation account
- b)Partners current account only
- c)Profit and loss account
- d)Partners capital account only
Correct answer is 'C'. Can you explain this answer?
Most Upvoted Answer
Salary paid to the manager will be shown in:a)Profit and loss appropri...
Salary paid to manager is a charge against the profit. It means this transaction will reduce the profit of the firm. All charge items are shown in profit and loss account only. That’s why salary paid to manager is shown in profit and loss account.
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Salary paid to the manager will be shown in:a)Profit and loss appropri...
Explanation:
When a salary is paid to the manager, it is treated as an expense for the business. Therefore, it is shown in the Profit and Loss Account. The Profit and Loss Account is an account that shows the revenues and expenses of a business for a particular period. It is prepared at the end of the accounting period to determine the net profit or loss of the business.
The Profit and Loss Account is a nominal account and is closed at the end of the accounting period. The net profit or loss is transferred to the Capital Account of the partners through the Profit and Loss Appropriation Account.
The Profit and Loss Appropriation Account is a statement that shows how the net profit or loss of the business is to be distributed among the partners. The amount of net profit or loss is transferred to the Capital Account of the partners according to the profit sharing ratio.
Therefore, the correct answer is 'C'. The salary paid to the manager will be shown in the Profit and Loss Account.
When a salary is paid to the manager, it is treated as an expense for the business. Therefore, it is shown in the Profit and Loss Account. The Profit and Loss Account is an account that shows the revenues and expenses of a business for a particular period. It is prepared at the end of the accounting period to determine the net profit or loss of the business.
The Profit and Loss Account is a nominal account and is closed at the end of the accounting period. The net profit or loss is transferred to the Capital Account of the partners through the Profit and Loss Appropriation Account.
The Profit and Loss Appropriation Account is a statement that shows how the net profit or loss of the business is to be distributed among the partners. The amount of net profit or loss is transferred to the Capital Account of the partners according to the profit sharing ratio.
Therefore, the correct answer is 'C'. The salary paid to the manager will be shown in the Profit and Loss Account.
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Salary paid to the manager will be shown in:a)Profit and loss appropriation accountb)Partners current account onlyc)Profit and loss accountd)Partners capital account onlyCorrect answer is 'C'. Can you explain this answer? for Commerce 2025 is part of Commerce preparation. The Question and answers have been prepared according to the Commerce exam syllabus. Information about Salary paid to the manager will be shown in:a)Profit and loss appropriation accountb)Partners current account onlyc)Profit and loss accountd)Partners capital account onlyCorrect answer is 'C'. Can you explain this answer? covers all topics & solutions for Commerce 2025 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Salary paid to the manager will be shown in:a)Profit and loss appropriation accountb)Partners current account onlyc)Profit and loss accountd)Partners capital account onlyCorrect answer is 'C'. Can you explain this answer?.
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