Use the following information to answer the given questio...
Use the following information to answer the given question.
John and Johnson are in partnership, sharing profit and losses in the ratio 3 : 2. Other information are as follows:
\(\begin{array}{c|c} \text{Capital} & \text{ - John} & N20,000 \\ & \text{ - Johnson} & N10,000 \\ Drawings & \text{ - John} & 2,000 \\ & \text{ - Johnson} & 3,000 \\ \text{Interest on capital} & & \text{5%} \\ \text{Interest on drawings} & & \text{10%} \\ Profit & & N6,000\end{array}\)
What is Johnson's share of the profit?
N6,000
N3,600
N3,000
N2,400
N2,000
Correct answer is E
No explanation has been provided for this answer.
Which of the following transactions is posted to the nominal ledger? ...
Receipt and payments: 31st December 2016 Cash at bank------460 Ne...
The apportionment of the cost of a fixed asset to the profit and loss account is termed? ...
Equity shareholders' fund is ...
Use the following information to answer the given question RECEIPTS AND PAYMENTS ACCOUNT: ...
\(\begin{array}{c|c} & J. Chike & B. Balla \\ & N & N \\ \hline \text{Current Accoun...