Jamb Accounts - Principles of Accounts 2010 Past Questions and Answers

Question 36:

• JAMB 2010

The salary of a partner is usually debited to the?

A. Sundry debtors' account
B. Appropriation account
C. Profit and loss account
D. Sundry current account

Question 37:

• JAMB 2010

The rules which govern the internal management of a firm and its financial affairs in a partnership business is a?

A. Memorandum
B. Bye-law
C. Deed
D. Financial regulation

Question 38:

• JAMB 2010

The interest on partners' loans is?

A. Debited in current account
B. Credited in profit and loss account
C. Debited in profit and loss account
D. Credited in current account

Question 39:

• JAMB 2010

The capital contribution by the partners is treated in the?

A. Current account
B. Capital account
C. Trading account
D. Balance sheet

Question 40:

• JAMB 2010

Given:
N6 000 10% preference shares of N0.50 each
N6 000 ordinary shares of N1 each
Capital reserves N2 700 000
Long-term liabilities N4 000 000
Find the value of authorized share capital?



A. 13 000 000
B. 12 000 000
C. 9 000 000
D. 15 700 000