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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?
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Which of the following accounts may have a debit or a credit balance?a...
In case of partnership type of ownership in a business, partner current account is prepared when capital is fixed. Transactions such as drawings, salary, and interest on capital and drawings are recorded. The balance of this account fluctuates every year. The balance can be both credit or debit.
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Which of the following accounts may have a debit or a credit balance?a...
The account of a partner in a partnership may have either a debit or a credit balance. It depends on the specific transactions and activities of the partner. For example, if a partner contributes capital to the partnership, the partner's account would have a credit balance. On the other hand, if a partner withdraws money from the partnership, the account would have a debit balance.
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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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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? for Commerce 2025 is part of Commerce preparation. The Question and answers have been prepared according to the Commerce exam syllabus. Information about 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? covers all topics & solutions for Commerce 2025 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for 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?.
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? for Commerce 2025 is part of Commerce preparation. The Question and answers have been prepared according to the Commerce exam syllabus. Information about 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? covers all topics & solutions for Commerce 2025 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for 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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