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JAMB Principles of Accounts 2001 Question 33

Question 33

Partnership Accounts

Partners' salaries and drawings are usually posted to the

  1. A.trading account
  2. B.current account
  3. C.capital account
  4. D.partners' account.
Show the answer and explanation

Answer: B (current account)

Explanation

Salaries are credited and drawings debited to the partners' current accounts; capital accounts stay fixed.