Use the following information to answer the question below
61.82%
38.17%
28.49%
14.25%
Correct answer is B
Gross profit = sales - cost of goods sold
= 18,600 - 11,500 = 7,100
Percentage = 7,100/18,600 x 100
= 38.17%
Share premium is classified in the balance sheet as
Fixed capital
Capital reserve
Revenue reserve
Short-term capital
Correct answer is B
No explanation has been provided for this answer.
Working capital is the excess of
Current assets over fixed assets
Current liabilities over current assets
Fixed assets over currents liabilities
Current assests over current
Correct answer is D
No explanation has been provided for this answer.
Goodwill may be brought into the books when
No partner retires
Assets are more than liabilities
Profit for the period is high
A new partner is admitted
Correct answer is D
No explanation has been provided for this answer.
Interest on partners drawings are debited in the
Partners current accounts and credited to the appropriation account
Drawings account and credited to the profit and loss account
Profit and loss account and credited to the partners current account
Profit and loss account and credited to the partners' drawings accountÂ
Correct answer is A
No explanation has been provided for this answer.