Post Utme Osustech 2024 Accounting Question 6

Practice objective / multiple choice question 6 from the 2024 Post Utme Osustech Accounting examination.

Post Utme Osustech 2024 Accounting Objective / Multiple Choice

Question 6 POST_UTME_OSUSTECH • 2024 • ACCOUNTING • objective

In a partnership account, if the partners' capital accounts are overdrawn, what is the accounting treatment?

Answer Options

Correct Answer A. The overdrawn amount is treated as a loan from the partners.

B. The overdrawn amount is treated as a loss to be shared among the partners.

C. The overdrawn amount is treated as a capital contribution from the partners.

D. The overdrawn amount is ignored in the partnership accounts.

Correct Answer

Correct Option:

The overdrawn amount is treated as a loan from the partners.

About This Question

This is Post Utme Osustech 2024 Accounting Question 6. It is one of the objective questions from the 2024 Post Utme Osustech Accounting examination.

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