(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
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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![(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](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F86ad3e0b-525b-490b-8fdc-e3a7d8cb92ae%2Feb2c7106-0052-4ae0-b58d-471cb50833b3%2Fqhgmjc.png&w=3840&q=75)
Transcribed Image Text:(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
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