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.
9,760
9,400
2,860
2,500
Correct answer is C
Depreciation is considered an operating expense so it will be added to the expenses.
Total expense of P = Selling expenses + Administrative expenses + depreciation
1100 + 1400 + 3/15 x 1800
1100 + 1400 + 360 = 2,860
N7,800
N11,700
N23,400
N35,100
Correct answer is D
Sales volume of Q = 23,400
If sales volume of Q doubles that of p which is 13 of R we have;
for P = 23,400 ÷ 2p
p = 23,400 ÷2 = 11,700
Since R is 13 of P, hence we have,
R= 1/3P
R = 3 x P
R = 3×11700 = 35,100