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

Accounts - Principles of Accounts
JAMB 2023

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

  • A. appropriation account
  • B. profit and loss account
  • C. balance sheet
  • D. trading account
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Correct Answer: Option A
Explanation

For a partnership, the primary purpose of the appropriation account is to show how profits are distributed among the partners.


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WAEC and NECO CBT Software for Computers and Laptops - Candidates, Schools, Centres, Resellers - 100% Offline -Download Now
Post UTME Past Questions Agent
WAEC and NECO CBT App for Mobile Devices - Candidates, Schools, Centres, Resellers - 100% Offline -Download Now
Post-UTME Past Questions - Original materials are available here - Download PDF for your school of choice + 1 year SMS alerts