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Which of the following accounts may have a debit or a credit balance?
- a)Partner’s Current Account
- b)Purchase Account
- c)Commission (Recd) Account
- d)None
Correct answer is option 'A'. Can you explain this answer?
Most Upvoted Answer
Which of the following accounts may have a debit or a credit balance?a...
This account can have either a debit or a credit balance, depending on whether the partner has contributed additional capital (credit) or withdrawn funds (debit) from the business.
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Which of the following accounts may have a debit or a credit balance?a...
A) Partner
The partner's account can have either a debit or a credit balance, depending on the transactions and activities involving the partner's investment and share of profits or losses. For example, if the partner contributes capital to the business, it will increase the partner's account balance as a credit. However, if the partner withdraws funds from the business, it will decrease the partner's account balance as a debit.
The partner's account can have either a debit or a credit balance, depending on the transactions and activities involving the partner's investment and share of profits or losses. For example, if the partner contributes capital to the business, it will increase the partner's account balance as a credit. However, if the partner withdraws funds from the business, it will decrease the partner's account balance as a debit.
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Which of the following accounts may have a debit or a credit balance?a)Partner’s Current Accountb)Purchase Accountc)Commission (Recd) Accountd)NoneCorrect answer is option 'A'. Can you explain this answer?
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