The withdrawal of capital by a partner from the business of partnership will be: a. Debited to partners' capital account b. Debited to profit and loss appropriation account c. Credited to profit and loss account d. Credited to partners' capital account The amount of drawings taken by each partner will be: a. Debited to partners' current account b. Debited to profit and loss appropriation account c. Credited to partners' current account d. Credited to profit and loss account The closing balances of partners' current account will be: a. X RO 59784 (Dr), Y RO 17825 (Cr), Z RO 37622 (Dr) b. X RO 58748 (Dr), Y RO 16852 (Cr), Z RO 36620 (Dr) c. X RO 58784 (Dr), Y RO 16825 (Cr), Z RO 36622 (Dr) d. X RO 58984 (Dr), Y RO 16925 (Dr), Z RO 36626 (Dr)
The withdrawal of capital by a partner from the business of partnership will be: a. Debited to partners' capital account b. Debited to profit and loss appropriation account c. Credited to profit and loss account d. Credited to partners' capital account The amount of drawings taken by each partner will be: a. Debited to partners' current account b. Debited to profit and loss appropriation account c. Credited to partners' current account d. Credited to profit and loss account The closing balances of partners' current account will be: a. X RO 59784 (Dr), Y RO 17825 (Cr), Z RO 37622 (Dr) b. X RO 58748 (Dr), Y RO 16852 (Cr), Z RO 36620 (Dr) c. X RO 58784 (Dr), Y RO 16825 (Cr), Z RO 36622 (Dr) d. X RO 58984 (Dr), Y RO 16925 (Dr), Z RO 36626 (Dr)
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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The withdrawal of capital by a partner from the business of partnership will be:
a.
Debited to partners' capital account
b.
Debited to profit and loss appropriation account
c.
Credited to profit and loss account
d.
Credited to partners' capital account
The amount of drawings taken by each partner will be:
a.
Debited to partners' current account
b.
Debited to profit and loss appropriation account
c.
Credited to partners' current account
d.
Credited to profit and loss account
The closing balances of partners' current account will be:
a.
X RO 59784 (Dr), Y RO 17825 (Cr), Z RO 37622 (Dr)
b.
X RO 58748 (Dr), Y RO 16852 (Cr), Z RO 36620 (Dr)
c.
X RO 58784 (Dr), Y RO 16825 (Cr), Z RO 36622 (Dr)
d.
X RO 58984 (Dr), Y RO 16925 (Dr), Z RO 36626 (Dr)
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