Post Utme Coal City University 2018 Accounting Question 1

Practice objective / multiple choice question 1 from the 2018 Post Utme Coal City University Accounting examination.

Post Utme Coal City University 2018 Accounting Objective / Multiple Choice
Question 1 POST_UTME_COAL_CITY_UNIVERSITY • 2018 • ACCOUNTING • objective

A partnership account is prepared for XYZ Partnership, which has two partners, A and B. The capital accounts of A and B are 10,000 and 15,000 respectively. The profit for the year is 25,000. Prepare the partnership account, showing the capital accounts, profit and loss account and the balance sheet.

Answer Options

Correct Answer A. Capital Account: A 15,000, B 20,000; Profit and Loss Account: 25,000; Balance Sheet: 40,000 40,000
B. Capital Account: A 10,000, B 15,000; Profit and Loss Account: 20,000; Balance Sheet: 35,000 35,000
C. Capital Account: A 15,000, B 20,000; Profit and Loss Account: 20,000; Balance Sheet: 35,000 35,000
D. Capital Account: A 10,000, B 15,000; Profit and Loss Account: 25,000; Balance Sheet: 40,000 40,000
Correct Answer
A
Correct Option:
Capital Account: A 15,000, B 20,000; Profit and Loss Account: 25,000; Balance Sheet: 40,000 40,000

About This Question

This is Post Utme Coal City University 2018 Accounting Question 1. It is one of the objective questions from the 2018 Post Utme Coal City University Accounting examination.

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