Post Utme Mountain Top University 2022 Accounting Question 32

Practice objective / multiple choice question 32 from the 2022 Post Utme Mountain Top University Accounting examination.

Post Utme Mountain Top University 2022 Accounting Objective / Multiple Choice
Question 32 POST_UTME_MOUNTAIN_TOP_UNIVERSITY • 2022 • ACCOUNTING • objective

A partnership is formed between two individuals, A and B, with a capital contribution of ₦100,000 each. The partnership agreement states that the profits and losses will be shared in the ratio 3:2. The partnership's trial balance shows a profit of ₦50,000. Prepare the profit and loss account for the year, showing the distribution of profit between A and B

Answer Options

Correct Answer A. ₦30,000 to A and ₦20,000 to B
B. ₦25,000 to A and ₦25,000 to B
C. ₦35,000 to A and ₦15,000 to B
D. ₦40,000 to A and ₦10,000 to B
Correct Answer
A
Correct Option:
₦30,000 to A and ₦20,000 to B

About This Question

This is Post Utme Mountain Top University 2022 Accounting Question 32. It is one of the objective questions from the 2022 Post Utme Mountain Top University Accounting examination.

View More Post Utme Mountain Top University 2022 Accounting Questions More Post Utme Mountain Top University 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