Ada and Udo are lawyers who went into partnership as Ado and Co. Ada brought cash of ₦12 000, furnishings worth ₦18,000 and a motor vehicle worth ₦70,000. Udo on the other hand brought in cash N10 000, his building valued at ₦105 000 and a personal computer worth ₦35 000.

Given: 

Bank account 59,410 Capital account 50,000 Purchases account 20,000 Rent 2,500 Stationery 90 Typewriter 6,500 Sales 38,500

Appropriation Account Kudu Wale ₦ ₦ Interest on capital 750 550 Salaries 800 600 Share of profits 3,300 3,300

Given ₦ Fixed assets 85,600 Sales 197,000 Stock 34,300 Salaries and wages 37,000 Purchases 127,700 Share capital 120,000 Creditors 16,050 Motor expenses 10,500 Debtors

Drawings are always estimated at 60% of capital

Zakari started a business in January 2000. He bought a shop costing ₦54,000 and stock worth ₦7,600. Profit for the year amounted to ₦22,100. His closing capital was 73,800.

Given
         ₦
Light expenses 400
Purchases 3,000
Sales 1,200
Creditors 2,250
Debtors 50