Post Utme Uniosun 2023 Accounting Question 26

Practice objective / multiple choice question 26 from the 2023 Post Utme Uniosun Accounting examination.

Post Utme Uniosun 2023 Accounting Objective / Multiple Choice
Question 26 POST_UTME_UNIOSUN • 2023 • ACCOUNTING • objective

A partnership has the following capital accounts: Partner A ₦200,000, Partner B ₦300,000. The partnership also has the following drawings: Partner A ₦50,000, Partner B ₦75,000. What is the correct journal entry to record the drawings?

Answer Options

A. Debit Partner A Drawings ₦50,000, Credit Partner A Capital ₦50,000
B. Debit Partner B Drawings ₦75,000, Credit Partner B Capital ₦75,000
Correct Answer C. Debit Partner A Drawings ₦50,000, Debit Partner B Drawings ₦75,000, Credit Partner A Capital ₦50,000, Credit Partner B Capital ₦75,000
D. Debit Partner A Drawings ₦50,000, Debit Partner B Drawings ₦75,000, Credit Cash ₦125,000
Correct Answer
C
Correct Option:
Debit Partner A Drawings ₦50,000, Debit Partner B Drawings ₦75,000, Credit Partner A Capital ₦50,000, Credit Partner B Capital ₦75,000

About This Question

This is Post Utme Uniosun 2023 Accounting Question 26. It is one of the objective questions from the 2023 Post Utme Uniosun Accounting examination.

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