Partnership Accounts
ICAN Financial Accounting
9 Partnership Accounts practice questions covering everything you need for ICAN.
Drill Partnership Accounts →Sample Partnership Accounts questions
Adeola, Bello and Chukwu are partners in ABC Enterprises, a trading firm based in Lagos. They have been in partnership for five years sharing profits and losses in the ratio 3:2:1 respectively. The fo…
Emeka and Fatima have been partners in E&F Consultants, an Abuja-based management consulting firm, sharing profits and losses equally. On 1 July 2023, they admitted Garba as a new partner. The followi…
Hajia and Ibrahim are partners in HI Trading Company, a Kano-based wholesale distribution business, sharing profits and losses in the ratio 3:2 respectively. The following trial balance was extracted …
Emeka and Fatima are partners with capital balances of ₦5,000,000 and ₦3,000,000 respectively. They admit Garba as a new partner who pays ₦2,500,000 for a one-quarter share in the partnership. The tot…
Adaeze, Bello, and Chukwu are partners sharing profits and losses in the ratio 3:2:1 respectively. The partnership profit for the year ended 31 December 2023 before charging interest on capital was ₦7…
Section 29 of the Companies and Allied Matters Act (CAMA) 2020 requires that a business name used by a partnership must be registered if it differs from the partners' surnames. Which regulatory body i…
On dissolution of a partnership, the firm's assets realised ₦18,400,000 against a book value of ₦22,000,000. Liabilities settled amounted to ₦9,500,000. Realisation expenses were ₦300,000. The partner…
Adaeze, Bello, and Chukwu are partners sharing profits and losses in the ratio 3:2:1 respectively. The partnership profit for the year ended 31 December 2023 before charging interest on capital was ₦7…
Under the Partnership Act 1890 (applicable in Nigeria in the absence of a partnership deed), which of the following statements correctly reflects the default rule regarding partners' entitlements?