Where fixed capitals are maintained in a partnership, sha...
Where fixed capitals are maintained in a partnership, share profits are
Credited to partners capital accounts
Credited to partners current accounts
Debited to partners capital accounts
Debited to partners current accounts
Correct answer is B
Each partner has a separate current account and includes;
• The credit side of the current account shows all the profits of the partners
• The credit side of the current account shows all the profits of the partner such as salary, interest on capital and the share of residue profits.
The balance in the purchases ledger control account is ...
\(\begin{array}{c|c} & \text{1st Jan.} & \text{31st Dec.} \\ & ₦ & ₦ \\ creditor...
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Us the following information to answer the question given. \(\begin{array}{c|c} \text{Cost of m...
\(\begin{array}{c|c} & \text{N} \\ \hline \text{Debtors opening} & 4000 \\ \hline \text{Debt...