Post Utme Skyline University 2025 Accounting Question 1

Practice objective / multiple choice question 1 from the 2025 Post Utme Skyline University Accounting examination.

Post Utme Skyline University 2025 Accounting Objective / Multiple Choice
Question 1 POST_UTME_SKYLINE_UNIVERSITY • 2025 • ACCOUNTING • objective

In a partnership account, the capital of a partner who leaves the business is transferred to the partner's capital account by debiting the partner's capital account and crediting the partner's drawings account. What is the correct journal entry for this transaction?

Answer Options

Correct Answer A. Debit Partner's Capital Account, Credit Partner's Drawings Account
B. Debit Partner's Drawings Account, Credit Partner's Capital Account
C. Debit Partner's Capital Account, Credit Partner's Capital Account
D. Debit Partner's Drawings Account, Debit Partner's Capital Account
Correct Answer
A
Correct Option:
Debit Partner's Capital Account, Credit Partner's Drawings Account

About This Question

This is Post Utme Skyline University 2025 Accounting Question 1. It is one of the objective questions from the 2025 Post Utme Skyline University Accounting examination.

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