Partnership Accounts - Jamb Accounts - Principles of Accounts Past Questions and Answers

Question 46:

• JAMB 2006

When goodwill is not retained in the business, the entries in the new partners' book will be to debit?

A. Good account and credit partners' capital account
B. Partners' capital account and credit goodwill account
C. Cash account and credit goodwill account
D. Goodwill account and credit cash account

Question 47:

• JAMB 2006

In converting a to a partnership company, the loss on asset revaluation is?

A. Debited to the revaluation account
B. Debited to the profit and loss account
C. Credited to the revaluation account
D. Credited to the profit and loss account

Question 48:

• JAMB 2006

LOAN IS 30% OF CREDITORS.
A company has departments S,T and U. The sales are N20 000,20 000, N40 000 AND N60 000 respectively if the sales commission paid is N12 000, how much is T's share?

A. N8000
B. N2000
C. N4000
D. N6000

Question 49:

• JAMB 2007

(i) Profits and looses will be shared unequally.
(ii) Interest is not allowed on capital.
(iii) Salaries are not allowed.
(iv) Interest is charged on drawings.
From the above, which of the following would apply where there is no agreement during partnership formation?

A. I only
B. I, ii and iii
C. I, ii and iv
D. Ii and iii

Question 50:

• JAMB 2007

Expense paid during the conversion of a partnership to a company are?

A. Debited to the partners' capital account
B. Debited to the realization account
C. Debited to the cash account
D. Credited to the realization account