Jamb Accounts - Principles of Accounts 2018 Past Questions and Answers

Question 36:

• JAMB 2018

Use the information below to answer the question .

	Total	P	Q		Total	P	Q
	₦	₦	₦		₦	₦	₦
Stock	3,000	2,000	1,000	Sales	10,000	6,000	4,000
Purchase	4,000	2,500	1,500	Closing Stock	2,000	1,500	500

Goods worth #300 was transferred from department Q to P. Similarly, P’s total expenses for the period was #200.
Department P’s net profit was

A. #2,500
B. #2,800
C. #3,000
D. #5,200

Question 37:

• JAMB 2018

In the absence of a partnership deed, the act stipulates that____________

A. An amount should be fixed as salaries for partners
B. Profits and losses should not be shared equally
C. Interest on partner’s loan should be 25%
D. Interest should not be allowed on partners drawings

Question 38:

• JAMB 2018

A partnership’s internal regulation are set out by________---

A. A constitution
B. A law
C. A deed
D. An article

Question 39:

• JAMB 2018

Sule and Ahmed are in partnership sharing profit and losses equally. If Khadija is admitted as a new partner to take 1/5 th as her share. What is the new profit or loss sharing?

A. Sule1/3, Ahmed1/3, Khadija 1/3
B. Sule1/3, Ahmed1/3, Khadija 1/3
C. Sule1/5, Ahmed1/5, Khadija3/5
D. Sule2/5, Ahmed1/5, Khadija2/5

Question 40:

• JAMB 2018

Transfers from the head office to branches are best carried out at__________

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