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WAEC Financial Accounting 2026 Question 26

Question 26

Partnership Accounts

Where a business maintains a fixed capital account, the share of profit of a partner would be

  1. A.credited to current account.
  2. B.debited to current account.
  3. C.credited to capital account
  4. D.debited to capital account
Show the answer and explanation

Answer: A (credited to current account.)

Explanation

With fixed capitals, profit shares, interest and salaries go to the partners' current accounts as credits.