Post Utme Nile University 2020 Accounting Question 27

Practice objective / multiple choice question 27 from the 2020 Post Utme Nile University Accounting examination.

Post Utme Nile University 2020 Accounting Objective / Multiple Choice
Question 27 POST_UTME_NILE_UNIVERSITY • 2020 • ACCOUNTING • objective

A partnership has two partners, A and B. The capital accounts of A and B are ₦50,000 and ₦30,000 respectively. The profit for the year is ₦20,000. Prepare the profit and loss account for the partnership.

Answer Options

Correct Answer A. Profit: ₦20,000; Loss: ₦0
B. Profit: ₦30,000; Loss: ₦0
C. Profit: ₦20,000; Loss: ₦10,000
D. Profit: ₦0; Loss: ₦20,000
Correct Answer
A
Correct Option:
Profit: ₦20,000; Loss: ₦0

About This Question

This is Post Utme Nile University 2020 Accounting Question 27. It is one of the objective questions from the 2020 Post Utme Nile University Accounting examination.

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