WAEC Accounting 2015 Objective — Question 48

Question 48 of 50 from the West African Examinations Council (WAEC) Accounting 2015 Objective paper, with the correct answer and a full explanation.

Which of the following is found on the credit side of a partnership's appropriation of profit account?

A. Interest on capital
B. Interest on drawingsCorrect
C. Share of profit
D. Drawings

Explanation

Interest on drawings is income to the partnership (charged against the partners), and is recorded on the credit side of the Profit and Loss Appropriation Account.

Sign up free to unlock

Score tracking
Practice history
Saved questions
Progress dashboard
Personalized sessions
Weak-topic breakdown

…and/or go further with premium services and No Ads.

Create free account

More questions from Accounting 2015 Objective More Accounting past papers