Accounts - Principles of Accounts Past Questions and Answers

Use the information below to answer the question .

	Total	P	Q		Total	P	Q
	₦	₦	₦		₦	₦	₦
Stock	3,000	2,000	1,000	Sales	10,000	6,000	4,000
Purchase	4,000	2,500	1,500	Closing Stock	2,000	1,500	500

Goods worth #300 was transferred from department Q to P. Similarly, P’s total expenses for the period was #200.
Department P’s net profit was

In the absence of a partnership deed, the act stipulates that____________

A partnership’s internal regulation are set out by________---

Sule and Ahmed are in partnership sharing profit and losses equally. If Khadija is admitted as a new partner to take 1/5 th as her share. What is the new profit or loss sharing?

Transfers from the head office to branches are best carried out at__________