The account where the profit are distributed to the partner in their profit sharing ratio...
FINANCIAL
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
Correct Answer: B. appropriation account
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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