Post Utme Skyline University 2017 Accounting Question 37

Practice objective / multiple choice question 37 from the 2017 Post Utme Skyline University Accounting examination.

Post Utme Skyline University 2017 Accounting Objective / Multiple Choice
Question 37 POST_UTME_SKYLINE_UNIVERSITY • 2017 • ACCOUNTING • objective

A partnership has two partners, A and B. The capital accounts of A and B are £ 20,000 and £ 30,000 respectively. The profit sharing ratio is 3:2. If the profit for the year is £ 15,000, prepare the profit and loss account.

Answer Options

Correct Answer A. Profit and Loss Account: £ 15,000, Capital Account: A £ 5,000, B £ 10,000
B. Profit and Loss Account: £ 15,000, Capital Account: A £ 10,000, B £ 5,000
C. Profit and Loss Account: £ 15,000, Capital Account: A £ 15,000, B £ 0
D. Profit and Loss Account: £ 15,000, Capital Account: A £ 0, B £ 15,000
Correct Answer
A
Correct Option:
Profit and Loss Account: £ 15,000, Capital Account: A £ 5,000, B £ 10,000

About This Question

This is Post Utme Skyline University 2017 Accounting Question 37. It is one of the objective questions from the 2017 Post Utme Skyline University Accounting examination.

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