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WAEC Financial Accounting 1993 Question 35

Question 35

Partnership Accounts

A partner's drawing is debited to

  1. A.Profit and Loss Appropriation Account
  2. B.Interest Account
  3. C.Loan Account
  4. D.Current Account
  5. E.Trading Account.
Show the answer and explanation

Answer: D (Current Account)

Explanation

When capitals are fixed, drawings are debited to the partner's current account.