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A & B Formed a Partnership on January 1 Partners

Question 3

Multiple Choice

A & B formed a partnership on January 1 Partners A and B withdraw cash of $800 and $1,500, respectively.Drawings in excess of $1,000 are viewed as excessive withdrawals and are charged against capital.What is the logical entry?​


A) ​Debit to Drawing Partner A for $800, Debit to Drawing partner B $1,500
B) ​Debit to Capital Partner A for $800, Debit to Drawing Partner B for $1,500
C) ​Debit to Capital Partner A for $800, Debit to Capital Partners B for $1,500
D) ​Debit to Drawing Partner A for $800, Debit to Capital Partner B for $1,500

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