by Sunday | Dec 7 | Accounting JAMB
A. cash account and credit realization account B. rassets account and credit realization account C. realization account and credit realization account D. assets account and credit cash account Correct Answer: Option A – cash account and credit realization...
by Sunday | Dec 7 | Accounting JAMB
Jide and Haruna contribute N12000 each as capital and share profit equally. Jide draws N1500 and Haruna N1700 half-yearly. The profit for the year is N10000. Jide receives a salary of N2000. A. N6000 and N5000 B. N3000 and N3400 C. N4000 and N4000 D. N3000 and N600...
by Sunday | Dec 7 | Accounting JAMB
Jide and Haruna contribute N12000 each as capital and share profit equally. Jide draws N1500 and Haruna N1700 half-yearly. The profit for the year is N10000. Jide receives a salary of N2000. A. N12 000 B. N10 000 C. N8 000 D. N7 000 Correct Answer: Option C – N8...
by Sunday | Dec 7 | Accounting JAMB
A. partners’ salaries B. interest on capital C. partners’ drawings D. interest on loans Correct Answer: Option D – interest on loans
by Sunday | Dec 7 | Accounting JAMB
A. debit entry B. credit entry C. contra entry D. reversal entry Correct Answer: Option C – contra entry
by Sunday | Dec 7 | Accounting JAMB
A. debtors’ account B. trading account C. expenses account D. cash account Correct Answer: Option D – cash account