Ask Question
18 December, 22:06

The appropriate format of the December 31, 2017 closing entry for John & Hope Limited Liability Partnership, whose two partners had withdrawn their salaries from the partnership during the year, is:

(A) John, Drawing Hope, Drawing Salaries Payable

(B) Salaries Expense John, Drawing Hope, Drawing

(C) John, Capital Hope, Capital Salaries Payable

(D) John, Capital Hope, Capital John, Drawing Hope, Drawing

Multiple Cholce:

(A) Option A.

(B) Option B.

(C) Option C

(D) Option D.

+1
Answers (1)
  1. 18 December, 23:13
    0
    (D) Option D.

    Explanation:

    In the given question, it is mentioned that there are two partners namely John and Hope who withdrawn their salaries, so the journal entry would be recorded by debiting both partner's capital and credited the drawings of both partners.

    As drawing would be deducted, so it would be credited.

    The journal entry is shown below:

    John Capital A/c Dr

    Hope Capital A/c Dr

    To John Drawing A/c

    To Hope Drawing A/c

    (Being closing entry is recorded)
Know the Answer?
Not Sure About the Answer?
Find an answer to your question ✅ “The appropriate format of the December 31, 2017 closing entry for John & Hope Limited Liability Partnership, whose two partners had ...” in 📘 Business if you're in doubt about the correctness of the answers or there's no answer, then try to use the smart search and find answers to the similar questions.
Search for Other Answers