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When the fixed capital method is used, the partners' share of profits and remunerations are...

Accounts - Principles of Accounts
JAMB 2016

When the fixed capital method is used, the partners' share of profits and remunerations are credited to the

  • A. current account
  • B. profit and loss account
  • C. profit and loss appropriation account
  • D. capital account
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Correct Answer: Option D
Explanation

The partnership capital account is an equity account in the accounting records of a partnership. It contains the following types of transactions:

  • Initial and subsequent contributions by partners to the partnership, in the form of either cash or the market value of other types of assets
  • Profits and losses earned by the business, and allocated to the partners based on the provisions of the partnership agreement
  • Distributions to the partners
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Post-UTME Past Questions - Original materials are available here - Download PDF for your school of choice + 1 year SMS alerts
WAEC and NECO CBT Software for Computers and Laptops - Candidates, Schools, Centres, Resellers - 100% Offline -Download Now
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