N25,000
N24,900
N22,900
N20,000
Correct answer is D
Assuming the partnership maintains a fixed capital balance P capital would be the balance brought down 20,000 (that is capital without drawings).
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 |
Sule 1/3, Ahmad 1/3 and Khadija 1/3
Sule 1/5, Ahmad 15 and Khadija 3/5
Sule 2/5, Ahmad 2/5 and Khadija 1/5
Sule 2/5, Ahmad 1/5 and Khadija 2/5
Correct answer is C
Recall that Sule and Ahmed have been sharing profit and losses equally. The admission of Khadija will only reduce the rate of losses and profits shared but will still be equally shared. The new sharing formula would be ;
2/5:25:15
2/5+25+15 = 5/5 = 1
Debtors and cash in transit
Creditors and cash in transit
Stock and cash in transit
Stock and prepayments
Correct answer is A
No explanation has been provided for this answer.
One of the purposes of maintaining the account of a branch at the head office is to?
Record charges in shareholdings
Record charges in liabilities
Check the excesses of customers
Check and monitor the growth of individual branches
Correct answer is D
The primary objectives of branch accounting are better accountability and control since profitability and efficiency can be closely tracked for individual locations.