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.
Which of the following is a strong feature of partnership?
The life of the partnership is generally assumed to be indefinite
The owners are liable personally for all debts of the business
The transfer of ownership interest is frequent and easy to accomplish
The partnership is complex to form because of many legal and reporting requirements
Correct answer is B
No explanation has been provided for this answer.