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WAEC Financial Accounting 2019 Question 22

Question 22

Partnership Accounts

Where fixed capital account is maintained, partners' share of profit is transferred to the

  1. A.debit side of capital account.
  2. B.credit side of capital account.
  3. C.credit side of partner's current account.
  4. D.debit side of partner's current account.
Show the answer and explanation

Answer: C (credit side of partner's current account.)

Explanation

With fixed capitals, profit shares are credited to current accounts.