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

Question 61:

• JAMB 2009

Given:
Net profit b/d.....................N10,000
Interest on capital:...M...........N2, 000
.......................K...........N1, 000
Partners' on salary....K...........N800
Interest on drawings...M...........N500
Profit sharing ratio M and K 3:2
Determine M's share of profit?

A. 6,280
B. 4,020
C. 2,820
D. 2,280

Question 62:

• JAMB 2009

Use the information to answer question below
Capital balances b/d:.....P.............N20,000
..........................K.............N10,000
Drawings:.................P.............N2, 000
..........................K.............N1, 000
Share of profits:.........K.............N4, 000
..........................K.............N2, 000
Salary....................P.............N1, 000
Interest on drawings:.....K.............N100
..........................K.............N20
Assuming that the partnership maintains a fixed capital, what is P's closing capital?

A. N25,000
B. N24,900
C. N22,900
D. N20,000

Question 63:

• JAMB 2009

Use the information to answer question below
Capital balances b/d:.....P.............N20,000
..........................K.............N10,000
Drawings:.................P.............N2, 000
..........................K.............N1, 000
Share of profits:.........K.............N4, 000
..........................K.............N2, 000
Salary....................P.............N1, 000
Interest on drawings:.....K.............N100
..........................K.............N20
If the capital of the partnership is unfixed, what is K's current accounts?

A. N11,950
B. N10,950
C. N20
D. N 0
E. NO OPTION

Question 64:

• JAMB 2009

In a partnership account, conversation of non-cash assets into cash is referred to as?

A. Realization
B. Disposal
C. Dissolution
D. Revaluation

Question 65:

• JAMB 2010

Which of the following is mostly used in treating partners' current earnings?

A. Savings account
B. Current account
C. Capital account
D. Share capital account