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  5. Which of the followi...

Which of the following is mostly used in treating partners' current earnings?

Accounts - Principles of Accounts
JAMB 2010

Which of the following is mostly used in treating partners' current earnings?

  • A. Savings account
  • B. Current account
  • C. Capital account
  • D. Share capital account
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Correct Answer: Option B
Explanation

Current account of partners' is also a type of Capital Account. So if there is a debit balance in Current Account, it means a loan give to the Partner by the Firm.

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Post-UTME Past Questions - Original materials are available here - Download PDF for your school of choice + 1 year SMS alerts