In a partnership business, the net profit serves as opening figure for

Nyocha: WAEC SSCE - Financial Accounting - 2008 (Objective) Ihe Ọmụmụ: Financial Accounting

Ajụjụ 1 Ripọtì

In a partnership business, the net profit serves as opening figure for
Akọwa Nkọwa
In a partnership business, the net profit serves as the opening figure for the appropriation account. The appropriation account is used to distribute the net profit among the partners according to their profit sharing ratio. It takes into account items such as interest on capital, salaries, and bonuses that are payable to the partners. The net profit figure is transferred from the profit and loss account to the appropriation account, which is then used to calculate the amount of profit that each partner is entitled to. Therefore, the answer is appropriation account.
Gụọ akwụkwọ nkuzi na Partnership Accounts (WAEC)
Gụọ akwụkwọ nkuzi na Partnership Accounts (JAMB)
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