Jamb Accounts - Principles of Accounts 2000 Past Questions and Answers

Question 31:

• JAMB 2000

An item of appropriation in partnership profit and loss account is?

A. Interest on partners' capital
B. Interest on partners' loan
C. Employees' salaries
D. Partners' drawings

Question 32:

• JAMB 2000

Use the information below to answer question
Rakiya and Joy are in partnership and agreed that 5% interest per annul is to be charged on drawings. The drawing made by both partners in one year were: Rakiya, N200 on March 31 and N300 on September 30. Joy, N100 on April 1 and N240 on July 1.
The interest on joy's drawing is?

A. N6.00
B. N7.25
C. N9.00
D. N9.75

Question 33:

• JAMB 2000

Use the information below to answer question
Rakiya and Joy are in partnership and agreed that 5% interest per annul is to be charged on drawings. The drawing made by both partners in one year were: Rakiya, N200 on March 31 and N300 on September 30. Joy, N100 on April 1 and N240 on July 1.
Assuming that Rakiya was not credited with any income during the period, what is her closing current account balance?

A. N340,000 credit
B. N349,75 debit
C. N500.00 credit
D. N 511.25 debit

Question 34:

• JAMB 2000

A business is required at par when the?

A. Purchase consideration equals goodwill
B. Purchase consideration equals net value
C. Purchase consideration is greater than the net value
D. Net assets is greater than the liabilitties

Question 35:

• JAMB 2000

Given:
cash book item:
Paid to suppliers N10,800
Expenses paid N6,900
Drawings made N900
Balances at start N15,750
Balances at end N3,870
Drawings from bank to shop N1,720
Determine the receipt from debtors?

A. N22,470
B. N17,470
C. N8,440
D. N5,000