1. Mathew and Henry are in partnership sharing profits and losses in the ratio 1:1. Henry enjoys...
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Question:
1. Mathew and Henry are in partnership sharing profits and losses in the ratio 1:1. Henry enjoys a salary of sh 5,000 per year. The net profit for the year ended 32 Dec 2010 and 2011 were sh 12,000 and sh 9,000 respectively.
Required:
Prepare the appropriation of profit and loss for these two years separately.
Describe five differences of receipts and payments A/C and Income and Expenditure A/C.
Related Book For
Frank Woods Business Accounting
ISBN: 9780273759287
12th Edition
Authors: Frank Wood. Sangster, Alan
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