Accounting Questions and Answers

Attama and Wawa were in partnership sharing profits and losses in the ratio 4:3. Attama was entitled to a salary of D13,000 per annum. A net profit of D34,000 was made for the year.

Attama's share of profit is

i. cash at bank  
ii. cash in hand  
iii. premises  
iv. land  
v. creditors  
vi. loan from friends/bank

Determine the fixed assets.

Attama and Wawa were in partnership sharing profits and losses in the ratio 4:3. Attama was entitled to a salary of D13,000 per annum. A net profit of D34,000 was made for the year.

The residual profit of the business for the year is

Given:
                                  ₦
Bank overdraft       2,000
Cash                      2,000
Furniture                4,000

Derive the total amount on the credit side of the trial balance

Stationery which will be used over a long period of time is usually recorded as an expense instead of an asset. This concept is called