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WAEC Financial Accounting 2023 Question 26

Question 26

Company Accounts

In the final account of a limited liability company, debenture interest paid is recorded in the

  1. A.trading account.
  2. B.profit and loss account.
  3. C.capital account.
  4. D.current account.
Show the answer and explanation

Answer: B (profit and loss account.)

Explanation

Debenture interest is an expense charged to profit and loss.