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JAMB Principles of Accounts 2010 Question 39

Question 39

Partnership Accounts

Which of the following is mostly used in treating partners' current earnings?

  1. A.Savings account
  2. B.Current account
  3. C.Capital account
  4. D.Share capital account.
Show the answer and explanation

Answer: B (Current account)

Explanation

Partners' shares of profit, salaries, interest and drawings are passed through their current accounts.