Aries and Eros start a partnership firm with capital contributions of $40,000 and $60,000, respectively. In course of the year, Aries withdraws $5,000 from the business in order to meet his personal expenses. Which of the following is the correct journal entry to record the above withdrawal?
A) 
B) 
C) No entry
D) 
Correct Answer:
Verified
Q81: When a new partner enters into a
Q88: Nancy and Betty enter into a partnership
Q89: In partnership, a person can become a
Q94: When a new partner is admitted to
Q96: The purchase of an existing partner's interest
Q97: Aries and Eros start a partnership firm
Q98: Kenny and Jeff formed a partnership business.
Q102: Irrespective of the original profit-and-loss-sharing ratio,the bonus
Q108: When a new partner is admitted at
Q109: When a partner sells his interest to
Unlock this Answer For Free Now!
View this answer and more for free by performing one of the following actions
Scan the QR code to install the App and get 2 free unlocks
Unlock quizzes for free by uploading documents