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ACCOUNT

JAMB 2023 - Question 22

Account 2023 JAMB Past Questions - Question 22: The account where the profit are distributed to the partner in their profit sharing ratio in partnership

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

Explanation

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