Given:
Net profit b/d........................
Given:
Net profit b/d.....................N10,000
Interest on capital:...M...........N2,000
.......................K...........N1,000
Partners' on salary....K...........N800
Interest on drawings...M...........N500
Profit sharing ratio M and K 3:2
Determine M's share of profit?
6,280
4,020
2,820
2,280
Correct answer is B
Profit and Loss Appropriation A/C
| partners salary - K 800 Int.on capital - M 2000 K 1000 share of profit - M 4020 K 2680 6700 10500 |
Net profit b/d 10000 Int. on drawings: M 500 10500 |
Calls in advance are treated in the balance sheet as______ ...
Which of the following is not part of the central processing unit of a computer? ...
Which of the following is true of Uju Nig.Ltd? ...
Based on the FIFO method of valuation the total cost of the raw materials issued is ...
Account payable is classified as a ...
Use the following information to answer the given question. \(\begin{array}{c|c} & Ebrima &...
Which of the following is a not revealed by a firm's accounting records? ...