N28,200
N23,200
N21,299
N19,200
N14,200
Correct answer is D
No explanation has been provided for this answer.
N49,000
N45,800
N43,800
N41,800
N38,800
Correct answer is D
No explanation has been provided for this answer.
5%
10%
12%
15%
Correct answer is A
In the Absent of an agreement, the partners will share profits and losses equally. If an agreement exists, partners divide profits based on the terms specified. Any reason can be used as the basis for establishing a profit-sharing ratio, but the two main factors are responsibility and capital contributions. Additional capital contributed attracts a 5% interest in the absence of a partnership agreement
N23,000
N21,000
N20,000
N19,000
N16,000
Correct answer is D
No explanation has been provided for this answer.
Where fixed capitals are maintained in a partnership, share profits are
Credited to partners capital accounts
Credited to partners current accounts
Debited to partners capital accounts
Debited to partners current accounts
Correct answer is B
Each partner has a separate current account and includes;
• The credit side of the current account shows all the profits of the partners
• The credit side of the current account shows all the profits of the partner such as salary, interest on capital and the share of residue profits.