| # | |
|
Stock Jan 1 |
2600 |
| Purchases | 4000 |
| Carriage inwards | 500 |
| Sales | 9000 |
| Carriage outwards | 500 |
Determine the net profit
Subscription in advance is treated in the balance sheet as a
|
₦ |
|
|
Balance as per cash book |
5467 |
|
Uncredited cheques |
4410 |
|
Unpresented cheques |
19404 |
The balance as per bank statement is
When goods are received from head office, head office will be credited while
Changes in the profit sharing ratio may occur as a result of
I. skill contributed by partners
II. health status
III. old age
IV. Intangible asset increase
