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Zizi
Zizi
3 years ago
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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.
Amin