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 total amount credit to the Profit and Loss Appropriation Account is

Similar Questions

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

A debit balance of N420 on the purchases ledger control account means that the  ...

Based on the FIFO method of valuation the total cost of the raw materials issued is ...

The transformation of pieces of information into a more useful format is ...

Lubricating oil and spare parts of machinery are examples of? ...

Issued capital.................100,000 Ordinary shares................40,000 Preference shares.......

On 1/7/07, a trader owed wages of Le 2,000. During the year ended 30/6/08, wages of Le 2,400 were ow...

The petty cash book has ...

The total amount of money set aside for a particular purpose by government is ...

A class of preference shares in which dividend rights are carried forward is ...