Jamb Accounts - Principles of Accounts Questions
Question 31:
Discounts granted branch customers are treated as a debit to branch?
View Answer & ExplanationQuestion 32:
Transfers from the head office to branches are best carried out at?
View Answer & ExplanationQuestion 33:
On dissolution, the final distribution of cash to partners is based on?
View Answer & ExplanationQuestion 34:
Use the information below to answer questions 39 and 40.
Jumoke and Kunle have an original investment of N25,000 and N15,000 respectively in a partnership. The articles of partnership provides 3% interest on capital and salaries of N1,500 and N1,000 respectively for the partners. The profits and losses are to be shared in the ratio 3:2.
Miscellaneous expenses of N2,500 were incurred with gross profit of N6,500 during the financial year.
The balance of profit and loss account will be?
View Answer & ExplanationJumoke and Kunle have an original investment of N25,000 and N15,000 respectively in a partnership. The articles of partnership provides 3% interest on capital and salaries of N1,500 and N1,000 respectively for the partners. The profits and losses are to be shared in the ratio 3:2.
Miscellaneous expenses of N2,500 were incurred with gross profit of N6,500 during the financial year.
The balance of profit and loss account will be?