O-LevelAccountingSources and recording of data7707/12 · Oct/Nov 2012 · Q241 Mark

A partner is entitled to interest on his capital. How is this recorded in the personal account of the partner?

Acredit partner's capital account

Bcredit partner's current account

Cdebit partner's capital account

Ddebit partner's current account

✓ Correct answer

B: credit partner's current account

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Topic: Sources and recording of data, O-Level Accounting (syllabus 7707). Multiple choice, 1 mark.
Source: O-Level Accounting, Oct/Nov 2012 Paper 1 Variant 2, question 24.

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