Principles of Accounts 2011 | Study Mode

Question 1

The transactions relating to liquidation in partnership account is drawn by using?

current account

cash account

capital account

realization account

Explanation

If the partnership decides to liquidate, the assets of the partnership are sold, liabilities are paid off, and any remaining cash is distributed to the partners according to their capital account balances. If a partner's capital account has a deficit balance, that partner should contribute theamount of the deficit to the partnership.

Correct option: C

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Question 2

Find the average stock for the period Acc-question-image

N27 000

N23 000

N28 000

N20 500

Explanation

Explanation not provided, please join discuss, your contributions are welcomed

Correct option: D

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Question 3

Calculate the cost of goods sold. Acc-question-image

N61 000

N58 000

N62000

N57 000

Explanation

Explanation not provided, please join discuss, your contributions are welcomed

Correct option: C

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Principles of Accounts 2011 | Study Mode

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