Ali ant Baba are in partnership sharing profits and losse...
Ali ant Baba are in partnership sharing profits and losses if the ratio of 3 : 2 respectively. Net profit for the year was n4,000,000.00. The extract from the provisions of the partnership agreement and other information relating to 1999 are as follows: \(\begin{array}{c|c} & \text{Ali} & \text{Baba} \\ \hline \text{Interest on capital} & \text{5%} & \text{5%} \\ \text{Partner's salary} & N500,000 & N300,000 \\ \text{Capital Account b/d} & N5,000,000 & N4,000,000 \\ \text{Current account b/d} & N400,000 & N500,000 \\ \text{Partner's Drawings} & N2,300,000 & N500,000 \end{array}\) What is the closing balance in Ali's Current Account?
N1,600,000 Cr.
N500,000 Cr.
N500,000 Dr
N1,600,000Dr
Correct answer is B
No explanation has been provided for this answer.
Which of the following is used to record the disposal of a fixed asset? ...
Given: If Emeka Enterprises settles its suppliers for goods purchased within 7 days, it can earn ...
Use the information to answer the given question. RECEIPTS AND PAYMENTS ACCOUNT: \(\begin{array}{...
Social Club Subscription (Extract) 31/12/2009 Subscription accrued #18,900 Subscription received...
Which of the following documents set out the internal regulations of a partnership? ...
The following was extracted from the books of MEGA COMPANY NIG. LTD �...
Which of the following is true of Uju Nig.Ltd? ...
The purchase of ten ceiling fans by Akpan Electronic Enterprises will be recorded as ...