Jamb Accounts - Principles of Accounts 2023 Past Questions and Answers

Question 56:

• JAMB 2023

Dairo and Segun are in partnership sharing profits and losses in the ratio 2:3 respectively. The information below relates to their business for the year ended 31st December, 2018.

Drawings:	₦
Dairo	12000
Segun	18000
Capital
Dairo	120000
Segun	60000

- Interest on drawings 10%

- Interest on capital 5%

- Profit for the year ₦36,000

- Salary: Segun ₦10,000

The interest on Dairo's drawings is ____________

A. ₦1,600
B. ₦1,200
C. ₦1,400
D. ₦1,800

Question 57:

• JAMB 2023

Dairo and Segun are in partnership sharing profits and losses in the ratio 2:3 respectively. The information below relates to their business for the year ended 31st December, 2018.

Drawings:	₦
Dairo	12000
Segun	18000
Capital:
Dairo	120000
Segun	60000

- Interest on drawings 10%

- Interest on capital 5%

- Profit for the year ₦36,000

- Salary: Segun ₦10,000
Segun's share of profit is ____________

A. ₦12,000
B. ₦21,400
C. ₦14,600
D. ₦16,400

Question 58:

• JAMB 2023

Which of the following is prepared to ascertain the trader's capital under incomplete records?

A. Statement of affairs
B. Statement of capital and liabilites
C. Statement of complete records
D. Income statement

Question 59:

• JAMB 2023

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

A. 7 \(\frac{1} {2}\) %
B. 5%
C. 15%
D. 10%

Question 60:

• JAMB 2023

The journal has the following headings except

A. Date
B. Debit
C. Discount
D. Credit