Accounts - Principles of Accounts Past Questions and Answers

Use the following information to answer the given question<br/>\(\begin{array}{c|c} & Ade & Okon \\ & N & N \\ \hline \text{Fixed Capital} & 15,000 & 25,000 \\ \text{Salary per annum} & 6,000 & 8,000 \\ \text{Interest on capital per annum} & \text{8%} & \text{8%} \\ \text{Profit or loss sharing ratio} & \text{40%} & \text{60%}\end{array}\)<br/>The net profit for the year ended 31st December 1990 is N28,000 while drawing are N3,000 and N4,000 for Ade and Okon respectively. What is Ade's share of the profit?

Use the following information to answer the given question<br/>\(\begin{array}{c|c} & Ade & Okon \\ & N & N \\ \hline \text{Fixed Capital} & 15,000 & 25,000 \\ \text{Salary per annum} & 6,000 & 8,000 \\ \text{Interest on capital per annum} & \text{8%} & \text{8%} \\ \text{Profit or loss sharing ratio} & \text{40%} & \text{60%}\end{array}\)<br/>The net profit for the year ended 31st December 1990 is N28,000 while drawing are N3,000 and N4,000 for Ade and Okon respectively. What is Okon's share of the profit?

Use the following information to answer the given question<br/>Rufai, a vulcanize bought 4 machines for N20,200 and incurred the following expenses for the year ended 31st December, 1990 <br/>\(\begin{array}{c|c} Glue & N2,100 \\ Thread & N600 \\ Kerosene & N900 \\ Rubber & N558 \\ Matched & N110 \end{array}\)<br/>He received N5,772 from customers. Two machines were later sold for N6,990 and N5,670 respectively. What is his revenue expenditure?

Use the following information to answer the given question<br/>Rufai, a vulcanize bought 4 machines for N20,200 and incurred the following expenses for the year ended 31st December, 1990 <br/>\(\begin{array}{c|c} Glue & N2,100 \\ Thread & N600 \\ Kerosene & N900 \\ Rubber & N558 \\ Matched & N110\end{array}\)<br/>He received N5,772 from customers. Two machines were later sold for N6,990 and N5,670 respectively. What is his revenue expenditure?

Use the following information to answer the given question<br/>Rufai, a vulcanize bought 4 machines for N20,200 and incurred the following expenses for the year ended 31st December, 1990 <br/>\(\begin{array}{c|c} Glue & N2,100 \\ Thread & N600 \\ Kerosene & N900 \\ Rubber & N558 \\ Matched & N110\end{array}\)<br/>He received N5,772 from customers. Two machines were later sold for N6,990 and N5,670 respectively. What is his capital receipt?