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