Jamb Accounts - Principles of Accounts Past Questions and Answers

Question 671:

• JAMB 2008

Given:
Capital:..G...........N5 000
..........T...........N8 000
Drawings: G...........N2 000
..........T..........N1 000
Interest on capital..10%
Interest on Drawings..5%
Find the interest on drawings of G?

A. N50
B. N100
C. N200
D. N250

Question 672:

• 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 673:

• 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 674:

• JAMB 2008

Goodwill can be in the balance sheet as?

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

Question 675:

• JAMB 2008

Cash received from the subscribed shares is recorded by debting?

A. Application, allotment and crediting cash
B. Allotment and crediting cash
C. Cash and crediting subscribed shares
D. Cash, crediting application and allotment account