Use the following information to answer the question
\(\begin{array}{c|c} & Ade & Bola\\ & N & N \\ \hline \text{Capital Accounts} & 60,000 & 40,000\\ \text{Current Accounts} & 10,000 Cr & 6,000 Cr \\ \text{Drawings} & 8,000 & 2,000 \end{array}\)
Interest on drawings is 5%, interest on capital is 10%. Profit and losses are shared equally. Net profit for the year is N30,000. The amount of distributable profit is

Similar Questions

Use the following information to answer the given question \(\begin{array}{c|c} & ₦ \\ \hline...

In preparing a profit and loss account, a decrease in provision for doubtful debts accounts is treat...

An example of appropriation of profit in a company is ...

Given: N               N Capital 200,000 total assets 210,000...

Hauwa Ltd bought 10bags of rice for N500 each. The company was given 5% AND 12% trade and cash disc...

Which of the following accounts belongs to the private ledger? ...

The rules of double entry states that ...

Debtors on 1st January was N1,490 and sales for the year was N5,760. Cash received from debtors duri...

Use the following information to answer the question given \(\begin{array}{c|c} \text{Jan. 1} &...

OGOGO'S SALES LEDGER LEDGER CONTROL ACCOUNT \(\begin{array}{c|c} & D & & D \\ \...