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

Question 71:

• JAMB 2011

The transactions relating to liquidation in partnership account is drawn by using?

A. Current account
B. Cash account
C. Capital account
D. Realization account

Question 72:

• JAMB 2011

The major point of agreement carried by the partnership deed is?

A. 5% interest annum on any loan
B. An oral agreement among the partners
C. Method of inhertance by the partners' children
D. The profit and loss sharing ratio of the partners

Question 73:

• JAMB 2011

Use the information below to answer questions 40 and 41.
Keme and Kemi are in partnership sharing profit and losses in the ratio 3:2.
Capital - Keme.............N20 000
........ - Kemi.............N10 000
Drawings - Keme.............N2 000
........ - Kemi.............N3 000
Profit......................N6 000
Interest on capital.........5%
Interest on drawings........10%
The interest on Kemi's capital is?

A. N1 000
B. N2 000
C. N500
D. N3 000

Question 74:

• JAMB 2011

The interest on Keme's drawings is calculated as?

A. N200
B. N150
C. N300
D. N100

Question 75:

• JAMB 2011

Which of the following can be used on admission of a new partnership?

A. Revaluation account
B. Profit account
C. Capital account
D. Trading account