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The account where the profit are distributed to the partner in their profit sharing ratio...

Accounts - Principles of Accounts
JAMB 2017

The account where the profit are distributed to the partner in their profit sharing ratio in partnership
  • A. trading account
  • B. appropriation account
  • C. balance sheet
  • D. profit and loss account
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Correct Answer: Option B
Explanation
Appropriation account is the account into which the net profit found in the profit and loss account of the partner will be carried down to and will be shared according to their sharing ratio

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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 Past Questions, Objective & Theory, Study 100% offline, Download app now - 24709
NECO June/July 2024 - Get offline past questions & answers - Download objective & theory, all in one app 48789

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WAEC Past Questions, Objective & Theory, Study 100% offline, Download app now - 24709
Join your school's WhatsApp group
NECO June/July 2024 - Get offline past questions & answers - Download objective & theory, all in one app 48789
Post-UTME Past Questions - Original materials are available here - Download PDF for your school of choice + 1 year SMS alerts
Join your school's WhatsApp group
NECO June/July 2024 - Get offline past questions & answers - Download objective & theory, all in one app 48789
Post-UTME Past Questions - Original materials are available here - Download PDF for your school of choice + 1 year SMS alerts
WAEC Past Questions, Objective & Theory, Study 100% offline, Download app now - 24709