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