Accounts - Principles of Accounts Past Questions and Answers

Use the following information to answer this question

Year	₦
1991199219931994	14,00024,00010,00016,000

It has been decided to value goodwill at 2 years purchase of average profit for the past 4 years. The value of goodwill is

Where there is no agreement made by the partners, the following provisions takes place except

In the absence of partnership agreement, a loan by a partner attracts interest at

In a non-profit making organisation, the excess of Assets over liabilities equals

The similarities between Receipts and payments and income and expenditure account is