www.bbcnoun.com.ng 7/10 If cost price is N240,000 and selling price is N300,000, then Margin is 20% A Patrnership deed for business contains the following except Drawing rights of partners Which of the following would be debited in the statement of distribution of income? Interest on current account with debit balance The excess of revenues and payments is referred to as Surplus Rights of partners in the absence of a written agreement according to section__________ Of partnership act 1890 24 A statement of affairs is similar to Statement of financial position According to International Financial Reporting Standards(IFRS), the new name for Balancesheet is Statement of Financial Position Manufacturing account defines Total costs incurred in the production of goods Cost of Goods available for sale is defined as Opening inventory PLUS Purchases PLUS Carriage Inwards Prime Cost represents Direct cost of production