The conversion of a partners business into a limited liability company affords the
General partners the chance of enjoying the limited laibility protection
Limited liability partners the chance of enjoying the limited liability protection
Creditors the chance of enjoying the limited liabiity protection
Debtors the chance of enjoying the limited liability protection
Correct answer is B
No explanation has been provided for this answer.
Credited to partners' capital account
Credited to partners' current account
Credited to appropriation account
Debited to partners' drawing account
Correct answer is B
No explanation has been provided for this answer.
N7,500
N6,000
N5,400
N4,500
Correct answer is C
No explanation has been provided for this answer.
Credited to land and building account
Debited to asset revaluation account
Credited to asset revaluation account
Credited to profit and loss appropriation account
Correct answer is B
No explanation has been provided for this answer.
Interest on a partner's drawings is debited to the
Partners current account and credited to the profit and loss appropriation account
Profit and loss appropriation account and credited to the partner's current account
Profit and loss account and credited to the partner's current account
Partner's current account and credited to the profit and loss account
Correct answer is A
No explanation has been provided for this answer.