Jamb Accounts - Principles of Accounts 2001 Past Questions and Answers

Question 31:

• JAMB 2001

Partners' salaries and drawings are usually posted to the?

A. Trading account
B. Current account
C. Capital account
D. Partners' account

Question 32:

• JAMB 2001

Marhumu and Yusuf are in partnership sharing profits and losses in the ratio of 2:1. On 31/3/2000, the partnership decided to admit Idris who is to take 1/4 of future profits without changing the ratio of Marhumu and Yusuf.
What is the new profit-sharing ratio of Marhumu and Yusuf?

A. 50% : 25%
B. 50% : 20%
C. 25% : 50%
D. 25% :25%

Question 33:

• JAMB 2001

If a partner pays a premium of N500 for 1/5 share of profit, then the total value of goodwill is?

A. N500
B. N2,000
C. N2,500
D. N3,000

Question 34:

• JAMB 2001

On the dissolution of a partnership business,the net book value of the assets is transferred to?

A. Debit of realization account
B. Credit of realization account
C. Credit of bank account
D. Debit of bank account

Question 35:

• JAMB 2001

Bala Ltd acquired the business of Bello Ltd and caused the separate existence of the latter company to terminate. This situation is best described as?

A. Absorption
B. Merger
C. Conversion
D. Dissolution