The account where the profit are distributed to the partner in their profit sharing ratio in partnership?

By: |Published on: Nov 29|Categories: Accounting JAMB| 0 comments

A. trading account
B. appropriation account
C. balance sheet
D. profit and loss account

Correct Answer:

Option B – appropriation account

Explanation

Appropriation account is the account into which the net profit found in the profit and loss account of the partner will be carried down to and will be shared according to their sharing ratio

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