When partners maintain fixed capital accounts, the correc...
When partners maintain fixed capital accounts, the correct entries for a partner's share of profit is
Debit profit and loss appropristion account, credit current account
Debit profit and loss appropriation account, credit capital account
Debit current account, credit caapital account
Debit profit and loss account, credit current account
Correct answer is A
No explanation has been provided for this answer.
Yola Social Club Statement of Account 1998 financial year 31/12/98: Subscription in arrears...
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The branch current account records ...
PQ Manufacturing Company Raw materials (1/11/2001)...........N3,500 Raw materials (31/12/2001).....
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A business organization prepares departmental account in order to ...