Partner’s Drawings – NBC Institute

FA – May 2013 – L1 – SA – Q15 – Partnership Accounts

This question is about calculating the balance on a partner’s current account.

Question

How much will be the balance on Emeka’s current account after adjusting for his share of profit, salary, and drawings?

A. N272,800
B. N302,400
C. N327,800
D. N352,800
E. N372,800

Answer

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Tags: Current Account, Partner’s Drawings, Profit Sharing
Level: Level 1

Topic: Partnership Accounts (Including Profit Sharing, Capital and Current Accounts)
Series: MAY 2013

FA – May 2013 – L1 – SA – Q13 – Correction of Errors

This question deals with correcting an accounting error related to partner’s drawings.

Question

The repairs of the personal vehicle of a partner’s wife were wrongly treated as part of motor vehicle expenses of the partnership. Which of the following accounting entries is required to correct the error?

Debit | Credit
A. Partner’s Drawings Account | Motor vehicle expenses account
B. Motor vehicle expenses account | Partner’s current account
C. Motor vehicle expenses account | Partner’s drawings account
D. Motor vehicle expenses account | Partner’s current account
E. Partner’s capital account | Motor vehicle expenses account

Answer

Find Related Questions by Tags, levels, etc.

Tags: Accounting Errors, Partner’s Drawings
Level: Level 1

Topic: Correction of errors
Series: MAY 2013

FA – May 2013 – L1 – SA – Q15 – Partnership Accounts

This question is about calculating the balance on a partner’s current account.

Question

How much will be the balance on Emeka’s current account after adjusting for his share of profit, salary, and drawings?

A. N272,800
B. N302,400
C. N327,800
D. N352,800
E. N372,800

Answer

Find Related Questions by Tags, levels, etc.

Tags: Current Account, Partner’s Drawings, Profit Sharing
Level: Level 1

Topic: Partnership Accounts (Including Profit Sharing, Capital and Current Accounts)
Series: MAY 2013

FA – May 2013 – L1 – SA – Q13 – Correction of Errors

This question deals with correcting an accounting error related to partner’s drawings.

Question

Answer

Find Related Questions by Tags, levels, etc.

Tags: Accounting Errors, Partner’s Drawings
Level: Level 1

Topic: Correction of errors
Series: MAY 2013

Question Tag: Partner’s Drawings

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FA – May 2013 – L1 – SA – Q15 – Partnership Accounts

This question is about calculating the balance on a partner’s current account.

FA – May 2013 – L1 – SA – Q13 – Correction of Errors

This question deals with correcting an accounting error related to partner’s drawings.

FA – May 2013 – L1 – SA – Q15 – Partnership Accounts

This question is about calculating the balance on a partner’s current account.

FA – May 2013 – L1 – SA – Q13 – Correction of Errors

This question deals with correcting an accounting error related to partner’s drawings.

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Question Tag: Partner’s Drawings

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FA – May 2013 – L1 – SA – Q15 – Partnership Accounts

This question is about calculating the balance on a partner’s current account.

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FA – May 2013 – L1 – SA – Q13 – Correction of Errors

This question deals with correcting an accounting error related to partner’s drawings.

You're reporting an error for "FA – May 2013 – L1 – SA – Q13 – Correction of Errors"

FA – May 2013 – L1 – SA – Q15 – Partnership Accounts

This question is about calculating the balance on a partner’s current account.

You're reporting an error for "FA – May 2013 – L1 – SA – Q15 – Partnership Accounts"

FA – May 2013 – L1 – SA – Q13 – Correction of Errors

This question deals with correcting an accounting error related to partner’s drawings.

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