(a) Draw up a profit or loss appropriation account for Lekan, Chuks & Hassan for the year ending 31 March 2015 and prepare current account as at that date from the following information: 1. Drawings: Lekan N3,500, Chuks N11,500 and Hassan N8,500 2. Capital account: Lekan N30,000, Chuks N22,500 and Hassan N17,500 3. Current account: Lekan N9,000, Chuks N4,000 and Hassan N3,000 4. Profits to be shared: Lekan 50%, Chuks 30% and Hassan 20% 5. Salaries to be credited: Chuks N11,000 and Hassan N14,000 6. Interest to be charged on drawings: Lekan N600, Chuks N450 and Hassan N250 7. Net profits N92,400 8. Interest to be charged on Capital: Lekan N1,800, Chuks N1,350 and Hassan N1,050

(a) Draw up a profit or loss appropriation account for Lekan, Chuks & Hassan for the year ending 31 March 2015 and prepare current account as at that date from the following information: 1. Drawings: Lekan N3,500, Chuks N11,500 and Hassan N8,500 2. Capital account: Lekan N30,000, Chuks N22,500 and Hassan N17,500 3. Current account: Lekan N9,000, Chuks N4,000 and Hassan N3,000 4. Profits to be shared: Lekan 50%, Chuks 30% and Hassan 20% 5. Salaries to be credited: Chuks N11,000 and Hassan N14,000 6. Interest to be charged on drawings: Lekan N600, Chuks N450 and Hassan N250 7. Net profits N92,400 8. Interest to be charged on Capital: Lekan N1,800, Chuks N1,350 and Hassan N1,050

Name: (a) Draw up a profit or loss appropriation account for Lekan, Chuks &
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Description: (a) Draw up a profit or loss appropriation account for Lekan, Chuks & Hassan for the year ending31 March 2015 and prepare current account as at that date from the following information:1. Drawings: Lekan N3,500, Chuks N11,500 and Hassan N8,5002. Cap

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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