WAEC Accounting Past Questions & Answers - Page 22

The process of distributing shares to successful applicants is.........

The accounting entry for cash realized from the sale of assets on the dissolution of a partnership is debit......

N
Net profit -------------------------17,460
Capital account: Taiwo--------50,000
                           Obi----------40,000
Drawings Account: Taiwo----12,000
                              Obi-------10,000
Salary - Obi---------------------1,500
Interest on capital--------------5%
Interest on drawings----------4%
Profit sharing ratio is 3:2 for Taiwo and Obi respectively

Obi's share of profit is...............

N
Net profit -------------------------17,460
Capital account: Taiwo--------50,000
                           Obi----------40,000
Drawings Account: Taiwo----12,000
                              Obi-------10,000
Salary - Obi---------------------1,500
Interest on capital--------------5%
Interest on drawings----------4%
Profit sharing ratio is 3:2 for Taiwo and Obi respectively

Taiwo's share of profit is...........

Receipt and payments: 31st December 2016

Cash at bank------460        New equipment------200
Subscriptions-----520         Cleaner's wage-----540
Donations--------- 500         Stationary----------- 140
Sale of stickers---490         Cash at bank--------110
Entrance fee------670

The surplus for the year is.............