Where a company acquires controlling shares of another and the consideration is paid in cash; the entries in the books of the purchases are debit?
A. investment and credit cash B. investment and credit shares C. purchases and credit cash D. purchases and credit shares Correct Answer: Option C – purchases and credit cash
Bala Ltd acquired the business of Bello Ltd and caused the separate existence of the latter company to terminate. This situation is best described as?
A. absorption B. merger C. conversion D. dissolution Correct Answer: Option A – absorption
On the dissolution of a partnership business; the net book value of the assets is transferred to?
A. debit of realization account B. credit of realization account C. credit of bank account D. debit of bank account Correct Answer: Option B – credit of realization account
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 Correct Answer: Option A – N500
What is the new profit-sharing ratio of Marhumu and Yusuf?
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. A. 50% : 25% B. 50% : 20% C. 25% : 50% D....Products
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