Post Utme Pan Atlantic University 2022 Accounting Question 3

Practice objective / multiple choice question 3 from the 2022 Post Utme Pan Atlantic University Accounting examination.

Post Utme Pan Atlantic University 2022 Accounting Objective / Multiple Choice
Question 3 POST_UTME_PAN-ATLANTIC_UNIVERSITY • 2022 • 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 rectify this error?

Answer Options

A. ₦3,000 debit to Drawings and ₦3,000 credit to A's Capital
Correct Answer B. ₦3,000 debit to A's Capital and ₦3,000 credit to Drawings
C. ₦6,000 debit to Drawings and ₦6,000 credit to A's Capital
D. ₦6,000 debit to A's Capital and ₦6,000 credit to Drawings
Correct Answer
B
Correct Option:
₦3,000 debit to A's Capital and ₦3,000 credit to Drawings

About This Question

This is Post Utme Pan Atlantic University 2022 Accounting Question 3. It is one of the objective questions from the 2022 Post Utme Pan Atlantic University Accounting examination.

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