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

By: |Published on: Jun 4|Categories: Accounting WAEC| 0 comments

A. debit profit and loss appropriation account, credit current Account
B. Debit profit and loss appropriation account, credit capital account
C. debit current account, credit capital account
D. debit profit and loss account, credit current account

Correct Answer: Option B

B. Debit profit and loss appropriation account, credit capital account

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