Post Utme Elizade University 2019 Accounting Question 21

Practice objective / multiple choice question 21 from the 2019 Post Utme Elizade University Accounting examination.

Post Utme Elizade University 2019 Accounting Objective / Multiple Choice
Question 21 POST_UTME_ELIZADE_UNIVERSITY • 2019 • ACCOUNTING • objective

In a self-balancing ledger, the personal account of a partner is closed by transferring its balance to the capital account. What is the correct journal entry for this transaction?

Answer Options

A. Debit Partner's Capital, Credit Partner's Personal Account
B. Debit Partner's Personal Account, Credit Partner's Capital
Correct Answer C. Debit Partner's Capital, Credit Partner's Personal Account
D. Debit Partner's Personal Account, Debit Partner's Capital
Correct Answer
C
Correct Option:
Debit Partner's Capital, Credit Partner's Personal Account

About This Question

This is Post Utme Elizade University 2019 Accounting Question 21. It is one of the objective questions from the 2019 Post Utme Elizade University Accounting examination.

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