Aries and Eros Start a Partnership Firm with Capital Contributions

question 53

Multiple Choice

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?

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Definitions:

Confrontational

Characterized by or inclined to engage in direct conflict or opposition.

Suspend Judgment

The practice of deliberately withholding evaluation or judgment about something, allowing for a more open-minded and unbiased consideration.

Delay Telling

The practice of postponing the disclosure of information or news to individuals or groups, often for strategic or sensitive reasons.

Title I School

An educational institution receiving federal funds to support programs that enhance the learning of students in high-poverty areas.