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WAEC Financial Accounting 2011 Question 9

Question 9

Partnership Accounts

Which of the following is not recorded in a Partnership Appropriation Account?

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

Answer: B (Partners drawings)

Explanation

Drawings go to the partners' current (or capital) accounts; only interest on drawings appears in the appropriation account.