Teteh and Kukuma are in partnership with capital balances...
Teteh and Kukuma are in partnership with capital balances of #300,000 and #200,000 respectively. They agreed to share profit on the basis of their capital. The profit for the year is #150,000 and the interest on capital is 5%.
Kukuma's current account balance is
#50,000
#70,000
#90,000
#60,000
Correct answer is B
Kukuma's current capital = 10,000 ( interest on capital) + 60,000( share of of profit i.e 2/5 x 125,000)
= 70,000
Accounting entry for dissolution expenses is ...
Which of the following is used in locating errors in the ledger? ...
Majority of commercial transactions are termed credit transactions, which means ...
If the opening stock is 5% of sales. calculate the purchases ...
The objective of a trading account is to establish the? ...
A petty cashier received a float of GHC 84. The imprest is ...