The double entry for interest on drawings by a partner is: debit

Accounts - Principles of Accounts

WAEC 2020

A. Partner's Current Account; credit Appropriation Account
B. Profit and Loss Account: credit Interest Account
C. Appropriation Account credit Partner's Current Account
D. Interest Account: credit Profit and Loss Account

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Correct Answer: Option A

Explanation

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The double entry for interest on drawings by a partner is: debit

Correct Answer: Option A

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