Jamb Accounts - Principles of Accounts Past Questions and Answers

Question 866:

• JAMB 2012

Which of the following methods of invoicing goods to branches facilitate easy checks on the activities of branches?

A. Cost price
B. Fixed percentage on cost
C. Selling price
D. Invoice price

Question 867:

• JAMB 2012

The partners capital are: Modibbo #60,000
and Jakata #90,000. The partners share
profit and losses in the ratio of their capital
contributions.
The net profit for the year is #12,000.
Find Modibbo's share of the profit

A. #62,000
B. #48,000
C. #44,000
D. #43,000

Question 868:

• JAMB 2012

The partners capital are: Modibbo #60,000
and Jakata #90,000. The partners share
profit and losses in the ratio of their capital
contributions.
The net profit for the year is #12,000.
What is Jakata's sharing profit?

A. 3:5
B. 1:2
C. 2:5
D. 1:5

Question 869:

• JAMB 2012

In what way can goodwill be written off in a partnership business?

A. Using the partners' profit and loss sharing ratio
B. By neglecting the ratio of partners capital contributions
C. By sharing it unequally among the partners where no agreement exists
D. By sharing it among the active partners only

Question 870:

• JAMB 2012

Ngozi and Musa with a capital of #30,000 each decide to admit Mary into the partnership business with a capital of #20,000 and goodwill #15,000.If the profits and losses are to be shared equally, the journal entries to record goodwill are

A. Debit goodwill #15,000, cash #20,000 and credit Mary's capital #35,000
B. Credit goodwill #15,000, cash #20,000 and debit Mary's #35,000
C. Debit goodwill #15,000, credit cash #20,000 and credit Mary's capital #20,000
D. Debit old partners capital #15,000, credit cash #20,000 and Mary's capital #35,000