@Zizi 12 June 2020

Work this!!

Jossy, Obi and Job are partners. They share profits and losses in the ratio 2:2:1 respectively. For the year ended 31st December 2005, the following information is obtained; The capital accounts remained fixed at Jossy N6,000; Obi N4,000 and Job N2,000 The current accounts balances at 1st January 2005: Jossy N1,200; Obi N750 and Job N480. They have agreed to give each other 10 per cent interest per annum on their capital accounts; 5 per cent on drawings and in addition to allowed salaries of N3,000 for Obi and N1,000 for Job Drawings, both goods and cash by partners during the year: Jossy N1,600; Obi N1,800 and Job N900. Let's see how this comE from great accountant s. It's my assignment though.