Post Utme Esut 2020 Accounting Question 40

Practice objective / multiple choice question 40 from the 2020 Post Utme Esut Accounting examination.

Post Utme Esut 2020 Accounting Objective / Multiple Choice
Question 40 POST_UTME_ESUT • 2020 • ACCOUNTING • objective

A company's trial balance shows the following accounts: Capital ₦200,000, Drawings ₦50,000. What is the correct journal entry to record the withdrawal of cash by the owner?

Answer Options

A. Debit Capital ₦50,000, Credit Cash ₦50,000.
Correct Answer B. Debit Cash ₦50,000, Credit Capital ₦50,000.
C. Debit Drawings ₦50,000, Credit Cash ₦50,000.
D. Debit Capital ₦50,000, Debit Cash ₦50,000.
Correct Answer
B
Correct Option:
Debit Cash ₦50,000, Credit Capital ₦50,000.

About This Question

This is Post Utme Esut 2020 Accounting Question 40. It is one of the objective questions from the 2020 Post Utme Esut Accounting examination.

View More Post Utme Esut 2020 Accounting Questions More Post Utme Esut Practice Questions Back to Questions

Master the Exam!

You've seen a preview, but there are thousands more questions plus AI tutor to break down complex solutions.

Unlock Full Access Available for Android & Windows
Chat with Support