Jamb Accounts - Principles of Accounts Past Questions and Answers

Question 721:

• JAMB 2009

Which of the following is a common cause of a discrepancy between head office and branch trial balance?

A. Debtors and cash in transit
B. Creditors and cash in transit
C. Stock and cash in transit
D. Stock and prepayments

Question 722:

• 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

Question 723:

• 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 724:

• 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 725:

• 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