Post Utme Christopher University 2022 Accounting Question 39

Practice objective / multiple choice question 39 from the 2022 Post Utme Christopher University Accounting examination.

Post Utme Christopher University 2022 Accounting Objective / Multiple Choice
Question 39 POST_UTME_CHRISTOPHER_UNIVERSITY • 2022 • ACCOUNTING • objective

In a partnership account, the capital of a partner who has left the business is transferred to the partner's capital account through a journal entry. What is the correct format of the journal entry?

Answer Options

A. Debit Partner's Capital and Credit Profit and Loss
B. Debit Profit and Loss and Credit Partner's Capital
Correct Answer C. Debit Partner's Capital and Credit Profit and Loss
D. Debit Profit and Loss and Credit Partner's Capital
Correct Answer
C
Correct Option:
Debit Partner's Capital and Credit Profit and Loss

About This Question

This is Post Utme Christopher University 2022 Accounting Question 39. It is one of the objective questions from the 2022 Post Utme Christopher University Accounting examination.

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