The double entry for interest on drawings by a partner is: debit

Accounts - Principles of Accounts WAEC 2020

The double entry for interest on drawings by a partner is: debit 

  • Partner's Current Account; credit Appropriation Account checkmark
  • Profit and Loss Account: credit Interest Account
  • Appropriation Account credit Partner's Current Account
  • Interest Account: credit Profit and Loss Account

The correct answer is: A

Explanation

No official explanation is available for this question at this time. Please check contributions posted by others below. If you can provide an explanation to help other student learn.
Previous Question Next Question

Leave A Comment