Jamb Accounts - Principles of Accounts 2019 Past Questions and Answers

Question 51:

• JAMB 2019

Shares that are offered to existing shareholders at a price is called

A. Par
B. Premium
C. Right issue
D. Bonus issue

Question 52:

• JAMB 2019

Use the following information to answer this question

Year	₦
1991199219931994	14,00024,00010,00016,000

It has been decided to value goodwill at 2 years purchase of average profit for the past 4 years. The value of goodwill is

A. 32,000
B. 16000
C. 30000
D. 64,000

Question 53:

• JAMB 2019

Where there is no agreement made by the partners, the following provisions takes place except

A. No salary for partners acting in the business
B. There is interest on capital
C. No interest to be charged on drawings
D. Profit and loss are to be shared equally

Question 54:

• JAMB 2019

In the absence of partnership agreement, a loan by a partner attracts interest at

A. 20%
B. 5%
C. 10%
D. 15%

Question 55:

• JAMB 2019

In a non-profit making organisation, the excess of Assets over liabilities equals

A. Capital
B. Capital employed
C. Capital owned
D. Accumulated funds