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partner’s salaries

Forums › ACCA Forums › ACCA FA Financial Accounting Forums › partner’s salaries

  • This topic has 1 reply, 2 voices, and was last updated 15 years ago by shimmer.
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    Posts
  • May 27, 2010 at 5:00 pm #44205
    Noura Dahmash
    Member
    • Topics: 31
    • Replies: 36
    • ☆☆

    hi actually i have a little bit confusing question regarding partenrs salaries
    i mean when partners receive salaries we recorded the transaction as
    Dr. salaries
    Cr.bank
    so they are included in the income statement as cash spend really on it
    on the other hand we also present them in the partner’s current account
    please am i understand the transaction well , or we don’t recognize them at all just make a disclosure

    waiting your reply

    May 28, 2010 at 11:36 am #61461
    shimmer
    Member
    • Topics: 9
    • Replies: 83
    • ☆☆

    Partners’ salaries are not salaries in the same way that an employee of the business will be paid a wage or salary, beacuse partners’ salaries are an appropriation of profit, and not an expense in the income statement of the business.
    So they are NOT included in the income statement.
    They are entered on the Dr. side of Appropriation Account and on the Cr. side of Partners’ Current Accounts.
    The two entries are:

    Dr. Appropriation Account
    Cr. Salaries

    Dr. Salaries
    Cr. Partners’ Current Accounts

    Hope this is clear.

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