Post Utme Al Hikmah University 2025 Accounting Question 27

Practice objective / multiple choice question 27 from the 2025 Post Utme Al Hikmah University Accounting examination.

Post Utme Al Hikmah University 2025 Accounting Objective / Multiple Choice
Question 27 POST_UTME_AL-HIKMAH_UNIVERSITY • 2025 • ACCOUNTING • objective

A partnership account shows a capital balance of ₦500,000. The partners' capital accounts are as follows: A ₦200,000, B ₦150,000, C ₦150,000. What is the correct journal entry to record the distribution of the profit of ₦50,000?

Answer Options

Correct Answer A. Debit Profit and Loss Account ₦50,000, Credit A's Capital ₦20,000, Credit B's Capital ₦15,000, Credit C's Capital ₦15,000
B. Debit Profit and Loss Account ₦50,000, Credit A's Capital ₦25,000, Credit B's Capital ₦12,500, Credit C's ₦12,500
C. Debit Profit and Loss Account ₦50,000, Credit A's Capital ₦20,000, Credit B's Capital ₦20,000, Credit C's Capital ₦10,000
D. Debit Profit and Loss Account ₦50,000, Credit A's Capital ₦25,000, Credit B's Capital ₦12,500, Credit C's Capital ₦12,500
Correct Answer
A
Correct Option:
Debit Profit and Loss Account ₦50,000, Credit A's Capital ₦20,000, Credit B's Capital ₦15,000, Credit C's Capital ₦15,000

About This Question

This is Post Utme Al Hikmah University 2025 Accounting Question 27. It is one of the objective questions from the 2025 Post Utme Al Hikmah University Accounting examination.

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