Which of the following is not true of a partnership busin...
Which of the following is not true of a partnership business without written agreement?
Profit and losses will shared equally
Interest not to be paid on capital
Interest on drawings is to be at the rate 5% per annum
Salaries are not allowed to partners
Money in excess of capital agreed to subscribe is to attract an interest of 5% per annum
Correct answer is C
No explanation has been provided for this answer.
The accounting method that reports incomes when earned and expenses when incurred is called ...
Given: PTF Trial Balance [Extract] as at 31 December, 1999 Dr Cr N'000 N '000 Ca...
Receipts and Payment Account (Extract) &nbs...
An advantage of FIFO method of stock valuation is that ...
Lighting..................N2925 Rent......................N2640 Salary....................N4050 ...
\(\begin{array}{c|c} & N \\ \hline \text{Opening stock of raw materials} & 8,000\\ \text{Pur...