Accounts - Principles of Accounts Past Questions and Answers

Given:
Club trading profit N12,000
Members'' subscription N15,000
Profit on sale of fixed assets N2,500
Loss on sale of investments N1,000
Wages N16,500
Other expenses N10,000
Determine the club''s excess of income over expenditure?

The excess of income over expenditure is usually transferred to the?

Partners' salaries and drawings are usually posted to the?

Marhumu and Yusuf are in partnership sharing profits and losses in the ratio of 2:1. On 31/3/2000, the partnership decided to admit Idris who is to take 1/4 of future profits without changing the ratio of Marhumu and Yusuf.
What is the new profit-sharing ratio of Marhumu and Yusuf?

If a partner pays a premium of N500 for 1/5 share of profit, then the total value of goodwill is?