Post Utme Summit University 2020 Accounting Question 11

Practice objective / multiple choice question 11 from the 2020 Post Utme Summit University Accounting examination.

Post Utme Summit University 2020 Accounting Objective / Multiple Choice
Question 11 POST_UTME_SUMMIT_UNIVERSITY • 2020 • ACCOUNTING • objective

A partnership is formed between two individuals, A and B, with a capital of ₦200,000 each. During the year, A withdrew ₦50,000 for personal use, while B invested an additional ₦30,000. The profit for the year was ₦120,000. Prepare the partnership's statement of profit or loss and the partners' capital accounts.

Answer Options

Correct Answer A. ₦150,000; A: ₦150,000; B: ₦150,000
B. ₦100,000; A: ₦100,000; B: ₦100,000
C. ₦120,000; A: ₦120,000; B: ₦120,000
D. ₦180,000; A: ₦180,000; B: ₦180,000
Correct Answer
A
Correct Option:
₦150,000; A: ₦150,000; B: ₦150,000

About This Question

This is Post Utme Summit University 2020 Accounting Question 11. It is one of the objective questions from the 2020 Post Utme Summit University Accounting examination.

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