WAEC Past Questions and Answers - Page 849

Interim dividend paid in the year is..........

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...........