Jamb Accounts - Principles of Accounts 2009 Past Questions and Answers

Question 36:

• JAMB 2009

Given:
Net profit b/d.....................N10,000
Interest on capital:...M...........N2, 000
.......................K...........N1, 000
Partners' on salary....K...........N800
Interest on drawings...M...........N500
Profit sharing ratio M and K 3:2
Determine M's share of profit?

A. 6,280
B. 4,020
C. 2,820
D. 2,280

Question 37:

• JAMB 2009

Use the information to answer question below
Capital balances b/d:.....P.............N20,000
..........................K.............N10,000
Drawings:.................P.............N2, 000
..........................K.............N1, 000
Share of profits:.........K.............N4, 000
..........................K.............N2, 000
Salary....................P.............N1, 000
Interest on drawings:.....K.............N100
..........................K.............N20
Assuming that the partnership maintains a fixed capital, what is P's closing capital?

A. N25,000
B. N24,900
C. N22,900
D. N20,000

Question 38:

• JAMB 2009

Use the information to answer question below
Capital balances b/d:.....P.............N20,000
..........................K.............N10,000
Drawings:.................P.............N2, 000
..........................K.............N1, 000
Share of profits:.........K.............N4, 000
..........................K.............N2, 000
Salary....................P.............N1, 000
Interest on drawings:.....K.............N100
..........................K.............N20
If the capital of the partnership is unfixed, what is K's current accounts?

A. N11,950
B. N10,950
C. N20
D. N 0
E. NO OPTION

Question 39:

• JAMB 2009

In a partnership account, conversation of non-cash assets into cash is referred to as?

A. Realization
B. Disposal
C. Dissolution
D. Revaluation

Question 40:

• JAMB 2009

Use the information below to answer questions below;
A company advertised and issued N750,000, 12% preference shares of N1 each to be issued at N1.50 per share. Applications for N1,370,000 were received at 30k per share. 70k per share (including premium) was due om allotment while 25k per share was due on each of the remaining two calls. All amounts due were received . Application money for 120,000 shares was refunded to unsuccessful applicants were allotment shares on pro-rata basis.
The share premium account would be?

A. Credited with application and allotment N187, 500
B. Debited with appllication and allotment N375,000
C. Credited with application and allotment N375, 000
D. Debited with application and allotment N187, 500