Which fund is used to meet unforeseen or urgent expenditure
Given:
I. Settlement of debts
II. Cessation of business
III. Introduction of assets
IV. Disposal of assets
Which of these constitutes dissolution of partnership?
Bello withdraws cash from bank to office, this is called ---------- entry
Which of the following is recorded in the folio column of the journal?
Dairo and Segun are in partnership sharing profits and losses in the ratio 2:3 respectively. The information below relates to their business for the year ended 31st December, 2018.
|
Drawings: |
₦ |
| Dairo | 12000 |
| Segun | 18000 |
| Capital | |
| Dairo | 120000 |
| Segun | 60000 |
- Interest on drawings 10%
- Interest on capital 5%
- Profit for the year ₦36,000
- Salary: Segun ₦10,000
The interest on Dairo's drawings is
