Accounts - Principles of Accounts Past Questions and Answers

In reconciling the branch and head office accounts, remittance in transit in the branch books is treated as a?

Profit or loss in a partnership is usually arrived at after deducting from gross profit all expenses including?

Use the information below to answer question
Jide and Haruna contribute N12000 each as capital and share profit equally. Jide draws N1500 and Haruna N1700 half-yearly. The profit for the year is N10000. Jide receives a salary of N2000.
Calculate the profit available for appreciation?

Use the information below to answer question
Jide and Haruna contribute N12000 each as capital and share profit equally. Jide draws N1500 and Haruna N1700 half-yearly. The profit for the year is N10000. Jide receives a salary of N2000.
The balances of current accounts of Jide and Haruna are respectively?

When assets are realized during a partnership dissolution, the entries for the proceeds are to debit?