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Which of the following is not a proper form of the accounting equation
Which of the following is a debit entry in debtors control account?
In a bank reconciliation statement, Dishonoured cheques is added to
The ledger entries to be made if cash sales is banked is debit
When the invoice of a customer is overcast, the supplier will send to him a
Use the information below to answer this question.
Timo and Chris are computer engineers who went into partnership as Teachi and Co. Timo brought cash of N12,000 furniture worth of N18,000 and vehicle worth of 70,000. Chris equally brought in cash of 10,000 his building valued at 105,000 and personal computers worth N35,000.
What is the profit sharing ratio if it’s based on capital contribution by Teechi and Co?
Prime cost is one of the following
The major distinguishing element between the final account of a partnership and that of a sole trader is the
Use the information below to answer this question.
Buhari and Osinbajo are in partnership with the following partnership agreement
Buhari Osinbajo
Capital 40, 000 70, 000
Salary 10, 000 15, 000
Int.on capital 5% 5%
Profit/loss sharing ratio 40 : 60
The net profit for the year ended is N80,000.
"Drawings are N80, 000 and N12, 000 for Buhari and Osinbajo respectively"
What is Osinbajo share of profit?
Determine wage expenses from the given information, wages outstanding at the beginning, wages paid during the period 15000 and wages outstanding of the period 2,000