WAEC Accounting 2019 Objective — Question 22

Question 22 of 50 from the West African Examinations Council (WAEC) Accounting 2019 Objective paper, with the correct answer and a full explanation.

Where fixed capital account is maintained, partners' share of profit is transferred to the

A. debit side of capital account
B. credit side of capital account
C. credit side of partner's current accountCorrect
D. debit side of partner's current account

Explanation

Partners' share of profit is treated as: Dr P & L appropriation A/c; Cr Partners current A/c. Thus, it goes to the credit side of the partner's current account.

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