Accounts - Principles of Accounts Past Questions and Answers

Given:
Capital:..G...........N5 000
..........T...........N8 000
Drawings: G...........N2 000
..........T..........N1 000
Interest on capital..10%
Interest on Drawings..5%
Find the interest on drawings of G?

A N50
B N100
C N200
D N250

Question 672:

The entry in the partnership books of accounts for interest on drawings is to?

A Credit partners capital account
B Debit partners capital account
C Credit drawings account
D Debit drawings account

Question 673:

In partnership dissolution, an asset taken over by a partner is debited to?

A Partners capital account and credited to realization account
B Partners capital account and credited to asset account
C Asset account and credited to realization account
D Realization account and credited to capital account

Question 674:

Goodwill can be in the balance sheet as?

A Fixed tangible asset
B Current asset
C Fictitious asset
D Liquid asset

Question 675:

Cash received from the subscribed shares is recorded by debting?

A Application, allotment and crediting cash
B Allotment and crediting cash
C Cash and crediting subscribed shares
D Cash, crediting application and allotment account