Question on: SS2 Accounting - Partnership Account: Terminologies Used
What is interest on capital in a partnership account?
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A
The amount of money paid by the partnership to each partner for the use of their invested capital
B
The amount of money owed by the partnership to creditors
C
The portion of profits that is set aside for future business needs or as a contingency fund
D
The allocation of profits among partners based on their ownership percentage
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Correct Option: A
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