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JAMB Principles of Accounts 2007 Question 22

Question 22

Partnership Accounts

Partners' share of profit is credited to

  1. A.a partner's current account
  2. B.a partner's capital account
  3. C.the profit and loss account
  4. D.the profit and loss appropriation account.
Show the answer and explanation

Answer: A (a partner's current account)

Explanation

Where capitals are fixed, each partner's share of profit is credited to his current account.