Jamb Accounts - Principles of Accounts 2004 Past Questions and Answers

Question 31:

• JAMB 2004

Discounts granted branch customers are treated as a debit to branch?

A. Stock account and a credit to branch debtors'account
B. Discount account and a credit to branch bank account
C. Stock account and a credit to branch bank account
D. Discount account and a credit to branch debtors' account

Question 32:

• JAMB 2004

Transfers from the head office to branches are best carried out at?

A. Cost price
B. Selling price
C. Cost plus mark-up
D. Market price

Question 33:

• JAMB 2004

On dissolution, the final distribution of cash to partners is based on?

A. Patnership agreement
B. Articles os asssociation
C. Goodwill
D. Capital balances

Question 34:

• JAMB 2004

Use the information below to answer questions 39 and 40.
Jumoke and Kunle have an original investment of N25,000 and N15,000 respectively in a partnership. The articles of partnership provides 3% interest on capital and salaries of N1,500 and N1,000 respectively for the partners. The profits and losses are to be shared in the ratio 3:2.
Miscellaneous expenses of N2,500 were incurred with gross profit of N6,500 during the financial year.
The balance of profit and loss account will be?

A. N4,000
B. N2,800
C. N1,500
D. 300

Question 35:

• JAMB 2004

What is Kunle's share of the profit?

A. N600
B. N300
C. N180
D. N120