Accounts - Principles of Accounts Past QuestionsQuestion 316:Given: Club trading profit N12,000 Members'' subscription N15,000 Profit on sale of fixed assets N2,500 Loss on sale of investments N1,000 Wages N16,500 Other expenses N10,000 Determine the club''s excess of income over expenditure? A. N500 B. N1,500 C. N2,000 D. N2,500 Question 317:The excess of income over expenditure is usually transferred to the? A. Accumulated fund B. Profit and loss account C. Current assets in the balance sheet D. Current liabilities in the balance sheet Question 318:Partners' salaries and drawings are usually posted to the? A. Trading account B. Current account C. Capital account D. Partners' account Question 319:Marhumu and Yusuf are in partnership sharing profits and losses in the ratio of 2:1. On 31/3/2000, the partnership decided to admit Idris who is to take 1/4 of future profits without changing the ratio of Marhumu and Yusuf. What is the new profit-sharing ratio of Marhumu and Yusuf? A. 50% : 25% B. 50% : 20% C. 25% : 50% D. 25% :25% Question 320:If a partner pays a premium of N500 for 1/5 share of profit, then the total value of goodwill is? A. N500 B. N2,000 C. N2,500 D. N3,000 |
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