Post Utme Eksu 2019 Accounting Question 2

Practice objective / multiple choice question 2 from the 2019 Post Utme Eksu Accounting examination.

Post Utme Eksu 2019 Accounting Objective / Multiple Choice
Question 2 POST_UTME_EKSU • 2019 • ACCOUNTING • objective

A partnership has two partners, A and B, who share profits and losses in the ratio 3:2. The partnership's capital account shows a balance of ₦200,000 on January 1, 2018. During the year, partner A withdrew ₦50,000 and partner B invested an additional ₦20,000. What is the correct journal entry to record the withdrawal and investment?

Answer Options

A. Debit Partner's Capital ₦50,000, Credit Cash ₦50,000.
B. Debit Partner's Capital ₦20,000, Credit Cash ₦20,000.
Correct Answer C. Debit Partner's Capital ₦50,000, Credit Cash ₦20,000.
D. Debit Cash ₦50,000, Credit Partner's Capital ₦50,000.
Correct Answer
C
Correct Option:
Debit Partner's Capital ₦50,000, Credit Cash ₦20,000.

About This Question

This is Post Utme Eksu 2019 Accounting Question 2. It is one of the objective questions from the 2019 Post Utme Eksu Accounting examination.

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