JAMB - Accounts Principles Of Accounts (2010 - No. 32)

Which of the following is mostly used in treating partners' current earnings?

Savings account

Current account

Capital account

Share capital account

Explanation

Current account of partners' is also a type of Capital Account. So if there is a debit balance in Current Account, it means a loan give to the Partner by the Firm.

JAMB - Accounts Principles Of Accounts (2010 - No. 32)

Explanation

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