(i) Profits and looses will be shared unequally.
(...
(i) Profits and looses will be shared unequally.
(ii) Interest is not allowed on capital.
(iii) Salaries are not allowed.
(iv) Interest is charged on drawings.
From the above, which of the following would apply where there is no agreement during partnership formation?
i only
i, ii and iii
i, ii and iv
ii and iii
Correct answer is C
No explanation has been provided for this answer.
Use the information to answer the given question \(\begin{array}{c|c} Dr & & & & &a...
Capital.....................N? Profit and loss.............N3500 Current assets..............N? C...
The purpose of preparing a trading account is to ascertain ...
Use the following to answer the given question \(\begin{array}{c|c} & N \\ \hline \text{Sto...
Debentures issued at a price above the nominal value are said to be issued ...
Carriage outwards is accounting term for amount spent on ...
\(\begin{array}{c|c} & N \\ \hline \text{Opening stock of Raw Materials} & 5,800 \\ \text{Cl...