JAMB Accounting 2008 Objective — Question 39
Question 39 of 50 from the Joint Admissions and Matriculation Board (JAMB) Accounting 2008 Objective paper, with the correct answer and a full explanation.
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The entry in the partnership books of accounts for interest on drawing is to
- A. credit partner's capital account
- B. debit partners capital accountCorrect
- C. credit drawings account
- D. debit drawings account
Explanation
The treatment of drawings in purchasing a/c is: Dr capital/current A/c; Cr Drawings A/c.
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