Post Utme Rsu 2022 Accounting Question 32

Practice objective / multiple choice question 32 from the 2022 Post Utme Rsu Accounting examination.

Post Utme Rsu 2022 Accounting Objective / Multiple Choice
Question 32 POST_UTME_RSU • 2022 • ACCOUNTING • objective

A partnership has two partners, A and B. The capital accounts of A and B are ₦50,000 and ₦30,000 respectively. The profit-sharing ratio is 3:2. Prepare the necessary journal entry to record the distribution of profit.

Answer Options

Correct Answer A. Debit Profit and Loss Appropriation Account ₦30,000, Credit A's Capital ₦30,000
B. Debit Profit and Loss Appropriation Account ₦30,000, Credit B's Capital ₦30,000
C. Debit A's Capital ₦30,000, Credit Profit and Loss Appropriation Account ₦30,000
D. Debit B's Capital ₦30,000, Credit Profit and Loss Appropriation Account ₦30,000
Correct Answer
A
Correct Option:
Debit Profit and Loss Appropriation Account ₦30,000, Credit A's Capital ₦30,000

About This Question

This is Post Utme Rsu 2022 Accounting Question 32. It is one of the objective questions from the 2022 Post Utme Rsu Accounting examination.

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