Post Utme Nile University 2021 Accounting Question 18

Practice objective / multiple choice question 18 from the 2021 Post Utme Nile University Accounting examination.

Post Utme Nile University 2021 Accounting Objective / Multiple Choice
Question 18 POST_UTME_NILE_UNIVERSITY • 2021 • ACCOUNTING • objective

A partnership has the following capital accounts: A ₦100,000, B ₦80,000, C ₦120,000. The profit for the year is ₦60,000. Prepare the profit-sharing journal entry.

Answer Options

Correct Answer A. Debit A ₦20,000, Debit B ₦16,000, Debit C ₦24,000, Credit Profit ₦60,000
B. Debit A ₦24,000, Debit B ₦20,000, Debit C ₦16,000, Credit Profit ₦60,000
C. Debit A ₦16,000, Debit B ₦24,000, Debit C ₦20,000, Credit Profit ₦60,000
D. Debit A ₦20,000, Debit B ₦24,000, Debit C ₦16,000, Credit Profit ₦60,000
Correct Answer
A
Correct Option:
Debit A ₦20,000, Debit B ₦16,000, Debit C ₦24,000, Credit Profit ₦60,000

About This Question

This is Post Utme Nile University 2021 Accounting Question 18. It is one of the objective questions from the 2021 Post Utme Nile University Accounting examination.

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