Jamb Accounts - Principles of Accounts 2019 Past Questions and Answers

Question 16:

• JAMB 2019

Use the information below to answer this question.
Ojo, Sam and Ade are in partnership sharing profit in the ratio 4 : 3 : 1 respectively.
Extract from their books for the year ended are
Interest on drawings and capital is allowed 5% respectively and profit for the year amounted to ₦4,950


Ojo's share of profit is

A. 2475
B. 1322.5
C. 4950
D. 6000

Question 17:

• JAMB 2019

Use the information below to answer this question.
Ojo, Sam and Ade are in partnership sharing profit in the ratio 4 : 3 : 1 respectively.
Extract from their books for the year ended are
Interest on drawings and capital is allowed 5% respectively and profit for the year amounted to ₦4,950


Sam's share of profit is

A. 7000
B. 4921
C. 3000
D. 991.8

Question 18:

• JAMB 2019

The rate of interest on capital for Ade is

A. 250
B. 200
C. 300
D. 400

Question 19:

• JAMB 2019

Use the information to answer this question
Receipts and Payment Account (Extract)
N
Bal b/f 3650 Insurance 900
subscription (99) 7500 Rate 11,700
(2000) 1000 Bal c/d 8,050
Fees 8500
20,650 20,650
The following information were given:

Rates owingInsurance prepaidSubscription in arrears

1/1993,60050700

31/12/9920001000600

Calculate the subscriptions in the Income and expenditure account

A. 8400
B. 7400
C. 6400
D. 7200

Question 20:

• JAMB 2019

Use the information to answer this question
Receipts and Payment Account (Extract)
N
Bal b/f 3650 Insurance 900
subscription (99) 7500 Rate 11,700
(2000) 1000 Bal c/d 8,050
Fees 8500
20,650 20,650
The following information were given:

Rates owingInsurance prepaidSubscription in arrears

1/1993,60050700

31/12/9920001000600

The figure ₦1000 represent what in the balance sheet.

A. Assets
B. Liability
C. Capital
D. Subscription