Jamb Accounts - Principles of Accounts Past Questions and Answers

Question 826:

• 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 827:

• JAMB 2011

The interest on Keme's drawings is calculated as?

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

Question 828:

• 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

Question 829:

• JAMB 2011

Goodwill is determined using?

A. Capital contribution
B. Number of partnerd admitted
C. The business and customer relations
D. Number of active partners

Question 830:

• JAMB 2011

The founders of a company are?

A. Promoters
B. Shareholders
C. Canvassers
D. Stakeholders