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

Question 56:

• JAMB 2008

The entry in the partnership books of accounts for interest on drawings is to?

A. Credit partners capital account
B. Debit partners capital account
C. Credit drawings account
D. Debit drawings account

Question 57:

• JAMB 2008

In partnership dissolution, an asset taken over by a partner is debited to?

A. Partners capital account and credited to realization account
B. Partners capital account and credited to asset account
C. Asset account and credited to realization account
D. Realization account and credited to capital account

Question 58:

• JAMB 2008

Goodwill can be in the balance sheet as?

A. Fixed tangible asset
B. Current asset
C. Fictitious asset
D. Liquid asset

Question 59:

• JAMB 2008

Goods worth N300 was transferred from department Q to P Similarly, P's total expenses for the period was N200
What was department Q's gross profit?

A. N2 500
B. N2 300
C. N 2 200
D. N1700

Question 60:

• JAMB 2009

Sule and Ahmad are in partnership sharing profits and losses equally. If Khadija is admitted as new partner to take \(\frac{1}{5}\) as her share, what is the new profit or loss sharing ratio?

A. Sule 1/3, Ahmad 1/3 and Khadija 1/3
B. Sule 1/5, Ahmad 15 and Khadija 3/5
C. Sule 2/5, Ahmad 2/5 and Khadija 1/5
D. Sule 2/5, Ahmad 1/5 and Khadija 2/5