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WAEC Financial Accounting 2004 Question 21

Question 21

Partnership Accounts

Which of the following is not a debit item in the partnership profit and loss appropriation account?

  1. A.Interest on partners drawings
  2. B.Partners salaries
  3. C.Interest on partners capital
  4. D.Share of profit.
Show the answer and explanation

Answer: A (Interest on partners drawings)

Explanation

Interest on drawings is income to the firm, so it is credited.