Post Utme Unilag 2021 Accounting Question 27

Practice objective / multiple choice question 27 from the 2021 Post Utme Unilag Accounting examination.

Post Utme Unilag 2021 Accounting Objective / Multiple Choice
Question 27 POST_UTME_UNILAG • 2021 • 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 for the year is £ 10,000. Prepare the profit-sharing journal entry.

Answer Options

A. Debit Profit £ 10,000, Credit A's Capital £ 5,000, Credit B's Capital £ 5,000
Correct Answer B. Debit Profit £ 10,000, Credit A's Capital £ 3,333, Credit B's Capital £ 6,667
C. Debit Profit £ 10,000, Credit A's Capital £ 6,667, Credit B's Capital £ 3,333
D. Debit Profit £ 10,000, Credit A's Capital £ 6,667, Credit B's Capital £ 6,667
Correct Answer
B
Correct Option:
Debit Profit £ 10,000, Credit A's Capital £ 3,333, Credit B's Capital £ 6,667

About This Question

This is Post Utme Unilag 2021 Accounting Question 27. It is one of the objective questions from the 2021 Post Utme Unilag Accounting examination.

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