WAEC Accounting 2021 Objective — Question 4
Question 4 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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Where partners maintain a fluctuating capital account, partners' share of profit is credited to
- A. capital accountCorrect
- B. profit and loss appropriation account
- C. current account
- D. profit and loss account
Explanation
A fluctuating capital account means partners do not keep a separate current account; all events relating partners to the business are recorded directly in the capital account.
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