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WAEC Financial Accounting 2024 Question 38

Question 38

Partnership Accounts

A partner who has not contributed any form of capital into the firm but only lends his name to be used as a partner is a

  1. A.Limited partner.
  2. B.Dormant partner.
  3. C.General partner.
  4. D.Nominal partner.
Show the answer and explanation

Answer: D (Nominal partner.)

Explanation

A nominal partner only lends his name.