Partnership accounts

Question 1 of 10

A and B share profits equally after interest on capital at 10%. Capitals: A GH¢20,000, B GH¢10,000. Profit GH¢15,000. B's total share is

Question 2 of 10

Interest on capital rewards partners for

Question 3 of 10

Interest on drawings is

Question 4 of 10

When a new partner pays for goodwill that is retained in the business, the old partners' capital accounts are

Question 5 of 10

Where there is no partnership agreement, profits and losses are usually shared

Question 6 of 10

Partners' salaries are shown in the

Question 7 of 10

The appropriation account of a partnership shows

Question 8 of 10

A partner's current account records

Question 9 of 10

Goodwill is

Question 10 of 10

On admission of a partner, revaluation gain on assets is credited to