Use the following information to answer the given questio...
Use the following information to answer the given question
\(\begin{array}{c|c} & Ade & Okon \\ & N & N \\ \hline \text{Fixed Capital} & 15,000 & 25,000 \\ \text{Salary per annum} & 6,000 & 8,000 \\ \text{Interest on capital per annum} & \text{8%} & \text{8%} \\ \text{Profit or loss sharing ratio} & \text{40%} & \text{60%}\end{array}\)
The net profit for the year ended 31st December 1990 is N28,000 while drawing are N3,000 and N4,000 for Ade and Okon respectively. What is the interest on capital?
N6,400
N4,000
N3,200
N2,000
N1,2000
Correct answer is C
No explanation has been provided for this answer.
In the balance sheet, the balance on the provision for Depreciation Account shown as ...
Abba offers 5% cash discount on goods worth N10,000, The discount allowed account is to be? ...
Profits are recognised when goods are sold. What concept is this? ...
A major factor that enhanced the early development of accounting is the? ...
Which of the following is found in the general ledger? ...
In a trial balance, income and liabilities are? ...
Interest on a partner's drawings is debited to the ...
The accountant general disburses government fund by the use of ...