Post Utme Rsu 2017 Accounting Question 32

Practice objective / multiple choice question 32 from the 2017 Post Utme Rsu Accounting examination.

Post Utme Rsu 2017 Accounting Objective / Multiple Choice
Question 32 POST_UTME_RSU • 2017 • 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 ₦50,000 in the 'Drawings' account. What is the correct treatment of the 'Drawings' account in the partnership's financial statements?

Answer Options

Correct Answer A. ₦50,000 is transferred to the partners' capital accounts in the ratio 3:2
B. ₦50,000 is transferred to the partners' capital accounts in the ratio 2:3
C. ₦50,000 is transferred to the partners' capital accounts in equal proportions
D. ₦50,000 is ignored in the financial statements
Correct Answer
A
Correct Option:
₦50,000 is transferred to the partners' capital accounts in the ratio 3:2

About This Question

This is Post Utme Rsu 2017 Accounting Question 32. It is one of the objective questions from the 2017 Post Utme Rsu Accounting examination.

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