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12th Class Accountancy Fundamentals of Partnership Question Bank MCQs - Accounting for Partnership Firm : Fundamental

  • question_answer
    ‘A’ and ‘B’ were partners in a firm. They share their profits in the ratio of 2:1. A withdraws an amount of Rs.2,000 on 1st July, 2017. Journalise it:

    A) Profit and Loss Appropriation A/c Dr.        2000     To        As capital A/c     2000

    B) A’s Capital A/c               Dr.        2,000    To Profit and Loss A/c    2,000

    C) A’s Drawings A/c            Dr.        2,000    To Cash/Bank A/c          2,000

    D) A’s Capital A/c               Dr.        2,000    To As Drawings A/c        2,000

    Correct Answer: C

    Solution :

    [c] A’s Drawings A/c        Dr.     2,000                   To Cash/Bank A/c                          2,000


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