JAMB Accounting 2025 Objective — Question 33
Question 33 of 41 from the Joint Admissions and Matriculation Board (JAMB) Accounting 2025 Objective paper, with the correct answer and a full explanation.
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If it is required to maintain fixed capitals, then the partners' shares of profits must be
- A. Credited to capital accounts
- B. Debited to capital accounts
- C. Debited to partners' current accounts
- D. Credited to partners' current accountsCorrect
Explanation
When a fixed capital account is used in a partnership, a current account must be opened to adjust for transactions between the partners and the business.
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