Post Utme Uniosun 2020 Accounting Question 11

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

Post Utme Uniosun 2020 Accounting Objective / Multiple Choice
Question 11 POST_UTME_UNIOSUN • 2020 • ACCOUNTING • objective

In a partnership account, the capital of one partner is withdrawn and replaced by a loan from the same partner. What is the accounting treatment for this transaction?

Answer Options

A. The partner's capital account is debited and the loan account is credited.
Correct Answer B. The partner's capital account is credited and the loan account is debited.
C. The partner's capital account is neither debited nor credited, and the loan account is credited.
D. The partner's capital account is debited and the loan account is neither credited nor debited.
Correct Answer
B
Correct Option:
The partner's capital account is credited and the loan account is debited.

About This Question

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

View More Post Utme Uniosun 2020 Accounting Questions More Post Utme Uniosun Practice Questions Back to Questions

Master the Exam!

You've seen a preview, but there are thousands more questions plus AI tutor to break down complex solutions.

Unlock Full Access Available for Android & Windows
Chat with Support