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Where there is no agreement made by the partners, the following provisions takes place except
Use the following information to answer this question
| Year | ₦ |
| 1991 1992 1993 1994 |
14,000 24,000 10,000 16,000 |
It has been decided to value goodwill at 2 years purchase of average profit for the past 4 years. The value of goodwill is
Shares that are offered to existing shareholders at a price is called
An ordinary share of ₦100 was issued at ₦80. The share was issued at
What was the gross profit?
What was the cost of goods sold?
Discount received is charge to
The purpose of profit and loss account is to ascertain
A rent of ₦50,000 was paid by samson to his landlady by cheque. The double entry in Samson's book is
The difference between double entry and single entry is
The rules of double entry states that
A proprietor withdraws cash from the business for private use, he
Bought motor vehicle ₦60 paying by cheque. The effect of the transaction will be
Majority of commercial transactions are termed credit transactions, which means
One of these is not a similarity between Joint Venture and Partnership.
The method of stock valuation in which the issue price is obtained by dividing the value of stock in hand by unit of stock in hand is
Accounting standards are issued at the International level by the
The importance of bank statement is all except
Given:
Additional capital Capital Closing capital Net profit |
₦ 4000 8000 12000 1500 |
The drawings for the period stand at
The two recognised accounting bases are