Accounts - Principles of Accounts Past Questions and Answers

A partnership on admitting a new member, revalued the business' land and building from N30,000 to N70,000. The difference of N40,000 should be ____

Adamu, Babaji and Chukwu are in a partnership and they share profit and losses on ratio 3:2:1. Their respective capitals are N20,000, N15,000, N5,000 on which they are entitled to interest at 5% per annum. The profit for the year before charging interest on capital amounts to N5,500. Calculate the profit for Adamu.

In a partnership business, the net profit serves as opening figure for ____

In the absence of a partnership<br/>agreement, profits and losses are shared ____

Interest on a partner's drawings is<br/>debited to the ____