Question 1
POST_UTME_UNN
•
2018
•
ACCOUNTING
•
objective
In a partnership account, what is the correct method of calculating the capital of a partner who has been absent for a year?
Answer Options
A.
Capital is calculated as the average of the partner's capital for the previous year and the current year.
Correct Answer
B.
Capital is calculated as the average of the partner's capital for the previous year and the current year, minus any drawings made during the current year.
C.
Capital is calculated as the average of the partner's capital for the previous year and the current year, plus any additional capital introduced during the current year.
D.
Capital is calculated as the average of the partner's capital for the previous year and the current year, minus any drawings made during the current year and plus any additional capital introduced during the current year.
Correct Answer
B
Correct Option:
Capital is calculated as the average of the partner's capital for the previous year and the current year, minus any drawings made during the current year.
About This Question
This is
Post Utme Unn
2018
Accounting
Question 1.
It is one of the
objective
questions from the
2018
Post Utme Unn
Accounting
examination.