WAEC Accounting 2021 Objective — Question 10
Question 10 of 50 from the West African Examinations Council (WAEC) Accounting 2021 Objective paper, with the correct answer and a full explanation.
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Net profit of a sole proprietor is transferred to the
- A. profit and loss account
- B. profit and loss appropriation account
- C. capital accountCorrect
- D. drawings account
Explanation
Net profit of a sole proprietor is credited to the capital account, as net profit adds to capital.
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