Which of the following is debited to partner's current account?

Assessment: WAEC SSCE - Financial Accounting - 2009 (Objective) Subject: Financial Accounting

Question 1 Report

Which of the following is debited to partner's current account?
Answer Details
Drawings are debited to partner's current account. Explanation: A partner's current account is a record of transactions between the partner and the partnership. Drawings are the amounts of money that a partner takes out of the partnership for personal use. Since the drawings represent a withdrawal of cash or assets from the partnership by the partner, they are debited to the partner's current account. In other words, the partner's current account is credited for the amount of the drawings, indicating that the partner owes this amount to the partnership.
Read lesson note on Partnership Accounts (WAEC)
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