Jamb Accounts - Principles of Accounts 2011 Past Questions and Answers

Question 36:

• JAMB 2011

Goods invoiced to a branch can be sent using?

A. Cost price, selling price and fixed percentage on selling price
B. Cost price, selling price and fixed percentage on cost price
C. Cost priceand fixed percentage on cost price
D. Cost price and fixed percentage on selling price

Question 37:

• JAMB 2011

The major point of agreement carried by the partnership deed is?

A. 5% interest annum on any loan
B. An oral agreement among the partners
C. Method of inhertance by the partners' children
D. The profit and loss sharing ratio of the partners

Question 38:

• JAMB 2011

Use the information below to answer questions 40 and 41.
Keme and Kemi are in partnership sharing profit and losses in the ratio 3:2.
Capital - Keme.............N20 000
........ - Kemi.............N10 000
Drawings - Keme.............N2 000
........ - Kemi.............N3 000
Profit......................N6 000
Interest on capital.........5%
Interest on drawings........10%
The interest on Kemi's capital is?

A. N1 000
B. N2 000
C. N500
D. N3 000

Question 39:

• JAMB 2011

The interest on Keme's drawings is calculated as?

A. N200
B. N150
C. N300
D. N100

Question 40:

• JAMB 2011

Which of the following can be used on admission of a new partnership?

A. Revaluation account
B. Profit account
C. Capital account
D. Trading account