Accounts - Principles of Accounts Past Questions and Answers

Dairo and Segun are in partnership sharing profits and losses in the ratio 2:3 respectively. The information below relates to their business for the year ended 31st December, 2018.

Drawings:	₦
Dairo	12000
Segun	18000
Capital:
Dairo	120000
Segun	60000

- Interest on drawings 10%

- Interest on capital 5%

- Profit for the year ₦36,000

- Salary: Segun ₦10,000
Segun's share of profit is ____________

A ₦12,000
B ₦21,400
C ₦14,600
D ₦16,400

Question 1447:

Which of the following is prepared to ascertain the trader's capital under incomplete records?

A Statement of affairs
B Statement of capital and liabilites
C Statement of complete records
D Income statement

Question 1448:

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

A 7 \(\frac{1} {2}\) %
B 5%
C 15%
D 10%

Question 1449:

The journal has the following headings except

A Date
B Debit
C Discount
D Credit

Question 1450:

The part of capital issued only at the time of liquidation of the company is ____________

A Issued capital
B Called-up capital
C Paid-up capital
D Reserved capital