Use the following information to answer the question
Use the following information to answer the question
AdeBolaNNCapital Accounts60,00040,000Current Accounts10,000Cr6,000CrDrawings8,0002,000
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
N40,500
N30,500
N30,000
N25,000
Correct answer is B
No explanation has been provided for this answer.
Four broad classifications of overheads are ...
Subscription prepared by members is recorded in the balance sheet of a club as a ...
When a fixed asset is disposed off, the accounting entries to write off the asset are Debit ...
The Assets and liabilities of Udo Co.ltd. as at 31st December, 2000. Creditors N50,000 Debtors N...
Processed data is only useful to user if it is ...
Which of the following is/are true? i. depreciation charges increase profits ii. reduc...
Discounts granted branch customers are treated as a debit to branch? ...