In a partnership business, the net profit serves as opening figure for

Toets: WAEC SSCE - Financial Accounting - 2008 (Objective) Vak: Financial Accounting

Vraag 1 Verslag

In a partnership business, the net profit serves as opening figure for
Antwoorddetails
In a partnership business, the net profit serves as the opening figure for the appropriation account. The appropriation account is used to distribute the net profit among the partners according to their profit sharing ratio. It takes into account items such as interest on capital, salaries, and bonuses that are payable to the partners. The net profit figure is transferred from the profit and loss account to the appropriation account, which is then used to calculate the amount of profit that each partner is entitled to. Therefore, the answer is appropriation account.
Lees lesnotitie op Partnership Accounts (WAEC)
Lees lesnotitie op Partnership Accounts (JAMB)
Bekijk antwoord

Gerelateerde vragen

1

Which of the following concepts is exposed to hold when a proprietor makes a drawing of goods or cash from the business?
2

In the preparation of manufacturing accounts, prime cost plus factory overheads equal to cost of
3

A sales Day book is used for recording
4

Tale LTd. has 100,000 ordinary shares of ₦1 each and 60,000 5% preference shares of ₦1 each. Both were fully paid as shown below, \(\begin{array}{c|c} & ₦\\ ...
5

Returns inwards is also called
6

An analytical cash book is used to
7

Which of the following is the basis accounting equation?
8

Which of the following is the effect of an increase in the provision for discount allowed?

Download de app in de Google Playstore

Alles wat je nodig hebt om uit te blinken in JAMB, WAEC en NECO.

Green Bridge CBT Mobile App
Persoonlijke AI Leerchat Assistent
Meer dan 200.000 IGCSE-, JAMB-, WAEC- en NECO-examenvragen.
Meer dan 1200 lesnotities
Offline ondersteuning - Leer altijd en overal
Dienstregeling Groene Brug
Literatuursamenvattingen & Potentiële Vragen
Volg je prestaties en vooruitgang.
Diepgaande Uitleg voor Uitgebreid Leren