Accounting Questions and Answers

Where there is provision for depreciation, fixed asset is shown in the balance sheet at

i. cost less depreciation for the period only.
ii. cost less total depreciation to date.
iii. written down values

Debtors Control Account is kept in the 

Interest on drawings amounted to

Ajem and Ogah were in partnership sharing profits and losses in the ratio 2:3. Interest on capital and drawings were 5% and 3% respectively. The following details relate to the partnership for the year 2017.
                                Ogah      Ajem
Capital Account     60,000    65,000
Current Account    40,000    50,000
Drawings              20,000     30,000
Salary                  10,000        -
Netprofit was 100,000

Ajem's current account balance was

Ajem and Ogah were in partnership sharing profits and losses in the ratio 2:3. Interest on capital and drawings were 5% and 3% respectively. The following details relate to the partnership for the year 2017.
                                Ogah      Ajem
Capital Account     60,000    65,000
Current Account    40,000    50,000
Drawings              20,000     30,000
Salary                  10,000        -
Netprofit was 100,000

Ogah's share of profit was