\(\begin{array}{c|c} & Halima & Ibinabo \\ & N & N \\ \hline \text{Capital accounts 1st Jan, 1992} & 100,000 & 50,000 \\ \text{Current accounts 1st Jan, 1992} & 20,000 & 40,000 \\ \text{Drawing during the year} & 10,000 & 15,000 \\ \text{Annual salaries} & 14,000 & 12,000\end{array}\)

Interest on capital is 10%. The net profit for the year is N60,000. The shares of profit of each partners is

Similar Questions

Teteh and Kukuma are in partnership with capital balances of #300,000 and #200,000 respectively. The...

An income and expenditure account is a summary of ...

Money not required to meet chargeable expenditure in any fiscal year under cash accounting, should b...

Adama's bank account showed an overdraft of N600 on 31st march. On going through the account, it...

A fall in the value of a fixed asset due to technological changes is described as? ...

A machine cost N12,000 and has a useful life of 4 years and an expected disposal value of N400.Using...

The cost of goods returned by branch to head office is debited ...

The principle entry book-keeping states that every ...

Which of the following cannot depreciate? ...

When a transaction causes an assets account to increase, there is ...