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JAMB Principles of Accounts 2010 Question 40

Question 40

Partnership Accounts

The salary of a partner is usually debited to the

  1. A.sundry debtors' account
  2. B.appropriation account
  3. C.profit and loss account
  4. D.sundry current account.
Show the answer and explanation

Answer: B (appropriation account)

Explanation

A partner's salary is a share of profit, so it is debited in the appropriation account.