Jamb Accounts - Principles of Accounts Questions
Question 826:
Use the information below to answer questions 40 and 41.
Keme and Kemi are in partnership sharing profit and losses in the ratio 3:2.
Capital - Keme.............N20 000
........ - Kemi.............N10 000
Drawings - Keme.............N2 000
........ - Kemi.............N3 000
Profit......................N6 000
Interest on capital.........5%
Interest on drawings........10%
The interest on Kemi's capital is?
View Answer & ExplanationKeme and Kemi are in partnership sharing profit and losses in the ratio 3:2.
Capital - Keme.............N20 000
........ - Kemi.............N10 000
Drawings - Keme.............N2 000
........ - Kemi.............N3 000
Profit......................N6 000
Interest on capital.........5%
Interest on drawings........10%
The interest on Kemi's capital is?
Question 828:
Which of the following can be used on admission of a new partnership?
View Answer & Explanation