Post Utme Afe Babalola University 2023 Accounting Question 22

Practice objective / multiple choice question 22 from the 2023 Post Utme Afe Babalola University Accounting examination.

Post Utme Afe Babalola University 2023 Accounting Objective / Multiple Choice
Question 22 POST_UTME_AFE_BABALOLA_UNIVERSITY • 2023 • ACCOUNTING • objective

In a partnership account, the capital of a partner who leaves the business is transferred to the drawing account. What is the effect of this transfer on the partner's capital account?

Answer Options

Correct Answer A. The partner's capital account is reduced by the amount transferred.
B. The partner's capital account is increased by the amount transferred.
C. The partner's capital account remains unchanged.
D. The partner's capital account is closed.
Correct Answer
A
Correct Option:
The partner's capital account is reduced by the amount transferred.

About This Question

This is Post Utme Afe Babalola University 2023 Accounting Question 22. It is one of the objective questions from the 2023 Post Utme Afe Babalola University Accounting examination.

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