When partners maintain fixed capital accounts, the correct entries for a partner’s share of profit…

Accounts - Principles of Accounts WAEC 2004

When partners maintain fixed capital accounts, the correct entries for a partner’s share of profit is

  • debit profit and loss appropristion account, credit current Account checkmark
  • Debit profit and loss appropriation account, credit capital account
  • debit current account, credit caapital account
  • debit profit and loss account, credit current account

The correct answer is: A

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