Post Utme Osustech 2019 Accounting Question 37

Practice objective / multiple choice question 37 from the 2019 Post Utme Osustech Accounting examination.

Post Utme Osustech 2019 Accounting Objective / Multiple Choice
Question 37 POST_UTME_OSUSTECH • 2019 • ACCOUNTING • objective

A partnership has two partners, A and B, who share profits and losses in the ratio 3:2. The partnership's trial balance shows a debit balance of ₦10,000 in the account 'Drawings'. What is the correct journal entry to correct this discrepancy?

Answer Options

A. Debit Drawings ₦10,000, Credit Partner's Capital ₦10,000
Correct Answer B. Debit Drawings ₦10,000, Credit Partner's Capital ₦10,000 and Journal Entry: Debit Partner's Capital ₦30,000, Credit Drawings ₦20,000
C. Debit Drawings ₦10,000, Credit Partner's Capital ₦10,000 and Journal Entry: Debit Partner's Capital ₦20,000, Credit Drawings ₦30,000
D. Debit Partner's Capital ₦10,000, Credit Drawings ₦10,000
Correct Answer
B
Correct Option:
Debit Drawings ₦10,000, Credit Partner's Capital ₦10,000 and Journal Entry: Debit Partner's Capital ₦30,000, Credit Drawings ₦20,000

About This Question

This is Post Utme Osustech 2019 Accounting Question 37. It is one of the objective questions from the 2019 Post Utme Osustech Accounting examination.

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