Post Utme Redeemers University 2020 Accounting Question 37

Practice objective / multiple choice question 37 from the 2020 Post Utme Redeemers University Accounting examination.

Post Utme Redeemers University 2020 Accounting Objective / Multiple Choice
Question 37 POST_UTME_REDEEMERS_UNIVERSITY • 2020 • 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 'A's Capital' and a credit balance of ₦8,000 in the account 'B's Capital'. What is the correct journal entry to correct this discrepancy?

Answer Options

Correct Answer A. ₦2,000 debit to A's Capital and ₦2,000 credit to B's Capital
B. ₦2,000 debit to B's Capital and ₦2,000 credit to A's Capital
C. ₦4,000 debit to A's Capital and ₦4,000 credit to B's Capital
D. ₦6,000 debit to A's Capital and ₦6,000 credit to B's Capital
Correct Answer
A
Correct Option:
₦2,000 debit to A's Capital and ₦2,000 credit to B's Capital

About This Question

This is Post Utme Redeemers University 2020 Accounting Question 37. It is one of the objective questions from the 2020 Post Utme Redeemers University Accounting examination.

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