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

Question 66:

• JAMB 2010

The salary of a partner is usually debited to the?

A. Sundry debtors' account
B. Appropriation account
C. Profit and loss account
D. Sundry current account

Question 67:

• JAMB 2010

The rules which govern the internal management of a firm and its financial affairs in a partnership business is a?

A. Memorandum
B. Bye-law
C. Deed
D. Financial regulation

Question 68:

• JAMB 2010

The interest on partners' loans is?

A. Debited in current account
B. Credited in profit and loss account
C. Debited in profit and loss account
D. Credited in current account

Question 69:

• JAMB 2010

The capital contribution by the partners is treated in the?

A. Current account
B. Capital account
C. Trading account
D. Balance sheet

Question 70:

• JAMB 2010

The directors' salaries paid are items of?

A. Current liabilities
B. Profit and loss account
C. Trading account
D. Current account