Accounts - Principles of Accounts Past Questions and Answers

A partnership on admitting a new member, revalued the business' land and building from N30,000 to N70,00. The difference of N40,000 should be

Halidu and Hamed are business partners with N30,000 and N20,000 capital respectively. At the end of the financial year, a profit of N12,000, which included Halidu's salary of N3,000 was made.
Halidu's share of the profit is

Halidu and Hamed are business partners with N30,000 and N20,000 capital respectively. At the end of the financial year, a profit of N12,000, which included Halidu's salary of N3,000 was made.
Hamed's share of the profit should be

The conversion of a partners business into a limited liability company affords the

Which of the following ratios gives an idea of the liquidity of a firm?